Section 1: summari ze the operations related to production for Test Chhaphers 14

Question

Section 1: summari ze the operations related to production for Test Chhaphers 14& a. Materials purchased on March, the first morth of operations account, $17.000. b. Materials and tabor used (COMPLETE THIS TABLE FactoryFactory Job No. 100 Job No. 101 Job No. 102 Job No. 103 Job No. 104 Job No. 105 Overhead 1,240 900 3,420 1,000 2,650 650 1,000 500 ,770 450 Indirect labor Factory Overhead is Depreciation of factory machinery. $1.525. 650 applied at a rate of 80% of direct labor cost. d. Factory overhead costs Jobs completed: Numbers 100, 101, 102, 104 incurred on account, $2,650 Jobs 100, 101, and 102 were shipped, and customers were billed for $8,200; $3,900; and $3,500, respectively. 9. An adjustment is made for any over or under applied overhead. Assume adjustment amount h. does not have a significant impact on any one account. INSTRUCTIONS: Journalize the entries to record the transactions"a" through "h" identified above. 2. Determine (and show in the T-Accounts) the account balances for Materials, Work in FP Finished Goods,& CGS Label and use T accounts so that you can fs the jobs is encouraged but not required. FG WIP Materials Inventory Job# Factory Labor Job# Factory OH

Explanation / Answer

Solution:

First we need to complete the given table,

Applied factory overhead ($)

(factory labour * 80%)

  Total   

(materials + labour + overhead)

Now we find the answer for given instructions,

Instruction 1:

  

Raw material inventory

To account payable

(To record purchase of raw materials)

17000

17000

Work in process inventory  

To raw material inventory

(To record direct material used in production)

11390

Factory overhead

To raw material inventory

(To record indirect material used)

450

Work in process inventory

To factory labour

(To record direct labour used in production)

7000

Factory overhead

To factory labour

(To record indirect labour used)

650

Work in process inventory

To factory overhead

(To record application of overhead at 80% of direct labour)

5600

Factory overhead

To accumulated depreciation

(To record depreciation)

1525

Factory overhead

To accounts payable

(To record other overhead costs)

2650

Finished goods inventory

To work in process inventory

(To transfer goods to finished goods) (5268+2410+1736+1900)

11314

11314

Accounts receivable

To sales

(To record sales of finished goods) (8200+3900+3500)

15600

Cost of goods sold

To finished goods inventory

(To record cost of goods sold) (5268+2410+1736)

9414

Manufacturing overhead

To cost of goods sold

(To record over applied overheads)

325

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  Materials ($)   Factory labour ($)

Applied factory overhead ($)

(factory labour * 80%)

  Total   

(materials + labour + overhead)

Job no. 100 2100 1760 1408 5268 Job no. 101 1240 650 520 2410 Job no. 102 980 420 336 1736 Job no. 103 3420 1900 1520 6840 Job no. 104 1000 500 400 1900 Job no. 105 2650 1770 1416 5836 Total 11390 7000 5600 23990

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