Question

19. Maxon Manufacturing Co. uses a job cost accounting system. On May 1, the company has $0 in its Work in Process (WIP) Inventory account. Maxon starts work on four Jobs in May (221-224). Jobs 221 and 222 completed on May 30. During May, a summary of production data shows the following: For Direct Materials Cost Direct Labor Cost Factory Overhead Cost Job 221 $4,800 $3,200 $1,536 Job 222 4,400 2,000 960 Job 223 3,900 2.000 $??? Job 224 2,500 1.200 S??? Maxon applies estimated factory overhead cost to jobs using a single predetermined factory overhead rate based on a percentage of direct labor costs. Instructions (a) Complete the following four journal entries. Please use the following accounts for your journal entries: WIP Inventory, Raw Materials Inventory, Wages Payable, Factory Overhead, and Finished Goods Inventory. 1) Record Direct Materials cost for all jobs. 2) Record Direct Labor cost for all jobs. 3) Record Factory Overhead Cost applied to all jobs. 4) Record the completion of Jobs 221 and 222. (b) Calculate the balance of the WIP Inventory account on May 31. Please indicate "debit" or "credit with your answer.

Answer 1

a.)	S.No.	Accounts Titles	Debit $	Credit $	or	S.No.	Accounts Titles	Debit $	Credit $
	1	WIP Inventory-Job.221	4,800			1	WIP Inventory	15,600
		WIP Inventory-Job.222	4,400				Raw materials Inventory		15,600
		WIP Inventory-Job.223	3,900
		WIP Inventory-Job.224	2,500			2	WIP Inventory	8,400
		Raw materials Inventory		15,600			Wages payable		8,400
	2	WIP Inventory-Job.221	3,200			3	WIP Inventory	4,032
		WIP Inventory-Job.222	2,000				Factory Overhead		4,032
		WIP Inventory-Job.223	2,000
		WIP Inventory-Job.224	1,200			4	Finished Goods	16,896
		Wages payable		8,400			WIP Inventory		16,896
	3	WIP Inventory-Job.221	1,536
		WIP Inventory-Job.222	960
		WIP Inventory-Job.223	960
		(2,000 x 48% )
		WIP Inventory-Job.224	576
		(1,200 x 48% )
		Factory Overhead		4,032
	4	Finished Goods	16,896
		WIP Inventory-Job.221		9,536
		(4,800 + 3,200 + 1,536 )
		WIP Inventory-Job.222		7,360
		(4,400 + 2,000 + 960 )
		Working:
		Predetermined Overhead rate	48%	(1,536 /3,200 )
	b.)	WIP Inventory balance on May 31
		WIP Inventory balance	$11,136	Debit balance
		(15,600 + 8,400 + 4,032 - 16,896 )
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