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Raw Material Inventory | Manuufacturing overhead | |||||||
Debit | Credit | Debit | Credit | |||||
Beginning Balance | $ 10,000 | b | $ 9,000 | b | $ 2,000 | d | $ 15,000 | |
a | $ 10,000 | c | $ 4,000 | |||||
e | $ 16,000 | |||||||
Underapplied | $ 7,000 | |||||||
Ending Balance | $ 11,000 | |||||||
Work in process inventory | Job 102 | Job 103 | ||||||
Debit | Credit | |||||||
Beginning Balance | $ 15,000 | h (Job 102) | $ 32,000 | Beginning Balance | $ 15,000 | |||
b | $ 7,000 | Direct Material | $ 2,000 | $ 5,000 | ||||
c | $ 10,000 | Direct Labor | $ 6,000 | $ 4,000 | ||||
d | $ 15,000 | Applied Overhead | $ 9,000 | $ 6,000 | ||||
300 and 200*$30 | ||||||||
Ending Balance | $ 15,000 | Total Cost | $ 32,000 | $ 15,000 | ||||
Finished Goods Inventory | Cost of Goods Sold | |||||||
Debit | Credit | Debit | Credit | |||||
Beginning Balance | $ 30,000 | g | $ 30,000 | g | $ 30,000 | |||
h (Job 102) | $ 32,000 | |||||||
Unadjusted | $ 30,000 | |||||||
Underapplied ovh | $ 7,000 | |||||||
Ending Balance | $ 32,000 | Adjusted | $ 37,000 | |||||
Sales Revenue | Selling, general and admin | |||||||
Debit | Credit | Debit | Credit | |||||
g | $ 55,000 | c | $ 5,000 | |||||
f | $ 6,000 | |||||||
Ending Balance | $ 55,000 | Ending Balance | $ 11,000 | |||||
Cash and other assets | Payable and other liabilities | |||||||
Debit | Credit | Debit | Credit | |||||
Beginning Balance | $ 100,000 | e | $ 16,000 | Beginning Balance | $ 85,000 | |||
g | $ 55,000 | f | $ 6,000 | a | $ 10,000 | |||
c | $ 19,000 | |||||||
Ending Balance | $ 133,000 | Ending Balance | $ 114,000 | |||||
Stockholder's Equity | ||||||||
Debit | Credit | |||||||
Beginning Balance | $ 70,000 | |||||||
Ending Balance | $ 70,000 |
I need help with question 4 Sampson Company uses a job order cost system with overhead...
I need help with question 5 Sampson Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-in-Process (Jobs 102 & 103) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. Estimated Overhead for 2014 720,000 Estimated Direct Labor Hours for 2014 24,000 During January the comapny had the following transactions: Purchased $10,000...
I need help with question 6 Sampson Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-in-Process (Jobs 102 & 103) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. Estimated Overhead for 2014 720,000 Estimated Direct Labor Hours for 2014 24,000 During January the comapny had the following transactions: Purchased $10,000...
I need help with question 7 Sampson Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-in-Process (Jobs 102 & 103) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. Estimated Overhead for 2014 720,000 Estimated Direct Labor Hours for 2014 24,000 During January the comapny had the following transactions: Purchased $10,000...
I need help with question 8 Sampson Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-in-Process (Jobs 102 & 103) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. Estimated Overhead for 2014 720,000 Estimated Direct Labor Hours for 2014 24,000 During January the comapny had the following transactions: Purchased $10,000...
Sultan, Inc. manufactures goods to special order and uses a job order cost system. During its first month of operations, the following selected transactions took place REQUIRED: 1) Prepare journal entries to record the transactions. 2) Compute the ending balance in Work in Process. 3) Compute the ending balance in Finished Goods. a. $37,000 b. $ 2,200 5,700 7,100 1,700 1,350 C. Materials purchased on account. Materials issued to the factory: Job 101 ....... Job 102 Job 103. Job 104...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $213,520 and total machine hours at 62,800. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $234,840 and total machine hours at 61,800. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $2,000. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $1,960 $1,780 102 2,390 2,400 103 1,590 1,170 104 5,370 4,410 105 3,410 3,360 106 2,490 2,140 For general factory use 670 2,630 Factory overhead costs incurred on account, $3,740....
5. Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $201,600 and total machine hours at 63,000. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used...
Christopher’s Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2016 follow: Raw Materials Inventory $ 16,900 Work in Process Inventory 6,700 Finished Goods Inventory 20,800 The following transactions occurred during January: (a) Purchased materials on account for $26,900. (b) Issued materials to production totaling $21,900, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect...