Question

The Owen Corporation provided the following information for the month of September. Beginning inventories were as follows: $40,000 Raw materials Work in process Job #101 $50,000 Finished goods Job #99 $100,000 1. Raw material purchased on account, $98,000 2. Utility charges for the factory incurred on account amounted to $3,000. 3. Materials requisitioned from stores during the month. Job #101 $32,000 Job #102 35,000 Job #103 18,000 Factory Materials 7,000 Total Material Requisitions $92,000

I Need All Work with steps in Word form, Not on page

Thanks

Answer 1

Job	Job 99	Job 101	Job 102	Job 103	Total
Finished Goods inventory	100000
Beginning Work in progress
Beginning work in progress		50000			50000
During period
Direct material		32000	35000	18000	85000
Direct labor		20000	22000	30000	72000
Applied overhead (direct labor * 150%)		30000	33000	45000	108000
Total cost added during period	0	82000	90000	93000	265000
Total cost	100000	132000	90000	93000	315000
Status	Finished goods (sold)	Finished goods (sold)	Finished goods (unsold)	In progress
Cost included in	Cost of goods Sold	Cost of goods Sold	Finished goods inventory	Work in progress inventory

Journal entries
Date	General Journal	Debit	Credit
1	Raw material inventory	98,000
	Accounts payable		98,000
	(To record Purchase of raw material inventory
2	Manufacture overhead	3,000
	Accounts payable		3,000
	(To record Manufacture Overhead paid.)
3	Work in progress inventory (92000-7000)	85,000
	Manufacture overhead	7,000
	Raw material inventory		92,000
	(To record Issue of raw material inventory.)
4	Work in progress inventory (98000-26000)	72,000
	Manufacture overhead	26,000
	Cash/Factory labor payable		98,000
	(To record labor Cost.)
5	Work in progress inventory	108,000
	Manufacture overhead		108,000
	(To record Manufacture overhead Applied to Job.)
6	Manufacture overhead	6,000
	Accumulated depreciation -equipment		6,000
	(To record Depreciation on equipment.)
7	Finished goods inventory	222,000
	Work in progress inventory		222,000
	(To record completion of Finished goods inventory.) (132000+90000)
8	Cost of goods sold	232,000
	Finished goods inventory		232,000
	(To record Finished goods Inventory sold.) (100000+132000)
8	Cash/Accounts receivable	450,000
	Sales Revenue		450,000
	(To record sales revenue.) (200000+250000)

Answer 19
Raw material inventory at beginning	$ 40,000
add: Purchase of Raw material	$ 98,000
Raw Material Available for use	$138,000
Less: Raw material used (Direct used+ indirect used)	$ 92,000
Raw material inventory at Ending	$ 46,000
Direct material consumed (11180*80%)	$ 85,000
Direct labor	$ 72,000
Manufacturing overhead	$108,000
Total manufacture cost	$265,000
Add: work in process inventory at beginning	$ 50,000
Total cost to be accounted for	$315,000
Less: Cost of goods manufactured (costs transfeerred to finishied goods)	$222,000
Work in process inventory at ending	$ 93,000
Finished goods Inventory at beginning	$100,000
Add: Cost of goods manufactured	$222,000
Cost of goods available for sale	$322,000
Cost of goods Sold (Unadjusted)	$232,000
Finished goods Inventory at ending	$ 90,000