A)
Date | Account title | Debit | credit |
1 | Work in process inventory (11200-800) | 10400 | |
Manufacturing overhead | 800 | ||
Raw material inventory | 11200 | ||
2 | Work in process inventory (13700-1200) | 12500 | |
Manufacturing overhead | 1200 | ||
Factory labor | 13700 | ||
3 | Work in process inventory | 10000 | |
Manufacturing overhead (12500 direct labor cost* 80%) | 10000 | ||
4 | Finished goods inventory | 10600 | |
work in process inventory | 10600 | ||
1 |
Note :Cost of Job 535 =Beginning balance +Direct material+ Direct labor +overhead applied
= 1700+3500+3000 + (3000*80%
=1700+ 3500 +3000 +2400
= 10600
B)
WORK IN PROCESS INVENTORY | |||
Beg Bal (2500+1700) | 4200 | Finished goods inventory` | 10600 |
Direct material | 10400 | ||
Direct labor | 12500 | ||
manufacturing overhead | 10000 | ||
Ending balance [4200+10400+12500+10000-10600] | 26500 |
C)
Job 534 | Job 536 | Total cost of Work in process | |
Beg Bal | 2500 | 0 | 2500 |
Direct material | 2500 | 4400 | 6900 |
Direct labor | 1900 | 7600 | 9500 |
manufacturing overhead | 1900*80%=1520 | 7600*80%= 6080 | 7600 |
Ending balance | 8420 | 18080 | 26500 |
Please complete Exercise as follows: Mitsy's Manufacturing Company accounts for jobs using a job order costing...
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