Question

Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June: June 1 Balance June 30 Purchases Materials 32,000 June 30 Requisitions 128,600 Work In Process (B)June 30 Completed jobs June 1 Balance June 30 Materials June 30 Direct labor June 30 Factory overhead applied (D) (E) Finished Goods OlJune 30 Cost of goods sold (G June 1 Balance June 30 Completed jobs Wages Payable pune 30 Wages incurred 122,500 June 1 Balance Factory Overhead 21,700 June 30 Factory overhead applied June 30 Indirect labor June 30 Indirect materials June 30 Other overhead 17,100 87,000

Answer 1

gods sold. [$] 170 44900 44900 1. Deleamination d missing amounts:- June 1 | Direct Direct Factory Total unit Job. Quantity work in Materials labour overhead cost NO progress [$] [$] [$] [4 10 201 170 sooo 17750 13000 19500 520 325 136 420 38440 27000 40500122640 292 336 NO. 203 14010 8000 9000 34010 179 p0.204 290 38970 30000 45000113970 393 344 NO205 170 19670 16000 94000 59670 1.0.96 1300 No.806 130 29404000 600017940138 Total | 1370 136780 98000 147000 403480 മാ 98112 190 95892 49491 287695 Materials. [in & 136780 June 30 Requisitions June 1 June 30 Balance purchases 32000 128600 June 30 Balance 238 20 $ 160600 $ 160600 work in progress, June 30 June 30 completed Jobs 403480 Balance Sunet Balance 21900 June 30 Materials 136780 June 30 Dived Labour 98000 June 30 factory overheads 14 7000 applied $ 403 480 $ 403480

June 1 June 30 Balance completed Jobs Finished goods. June 30 Finished goods 403480 B cost of goods sold 287695 June 30 closing 115785 $ 403480 4032480 wages payable 122500 June 30 wages incurred June 30 Direct Labour 98000 June 30 Indirect Labour 24500 $ 122500 147000 3300 $ 150300 $ 122500_ Factory overheads. June 1 Balance 21900 June 30 Factory dreaheads applied 24500 June 30 Indirect lobou June 30 Indired materials 17100 June 30 Balance June 30 other overheads 87000 $ 150300 Ist@ a) rateaials requisition : $ 136780 b) working in progress beginning balance : $ 21900 c) Direct Laboru ralezicels : $ 136760 d) Direct Labour :$ 98000 C) Factory oves heads applied: $ 147000 f) completed Jobs: $ 403480 g) cost of goods sold : & 287695 b) Indirect labour: $ 24500

2. each of the Determination of June 30 balances for inventory accounts and factory overhead :- Materials & 23820 Work in progress $ 0 Finished goods $ 115785 Factory overhead: $ 3300 Scanned with CamScanner