Enter Problem 10a The Kodak k Company had the following transactions for the mon

Question

Enter Problem 10a The Kodak k Company had the following transactions for the month of October: 1. Raw materials purchased on account, $280,000. 2. Direct labor cost incurred, $29,400; and indirect labor cost incurred, $21,400. 3. Utilities are recorded for factory, $12,000. 4. Rent is recorded on factory building, $33,000. S. Raw materials issued to production, $110,000 (80% direct and 20% indirect). 6. More raw materials were purchased on account for $50,000. 7. Another $80,000 of materials were issued to production. (100% direct) 8. There was another $15,000 of direct labor and $8,000 of indirect labor incurred. 9. $93,000 of overhead was applied to the jobs on the assembly line. 10. Jobs costing $248,000 were completed and transferred to the warehouse. 11. Finished Goods that cost $200,000 were sold to customers at a 25% markup. 12. Over/underapplied overhead is written off as an adjustment to Cost of Goods Sold. Complete the grid below. Make sure your Assets Liabilities Equity when you are done. Assets MOH WIP Liabilities +Equity PayablesEquity A/R RM FG 2 3 5 6 10 11a 11b 12 Show that Total Assets Total Liabilities + Equity Page 8

Explanation / Answer

Assets = Liabilities +Equity A/R RM MOH WIP FG Payables Equity 1 280000 280000 2 21400 29400 50800 3 12000 12000 4 33000 33000 5 -110000 22000 88000 6 50000 50000 7 -80000 80000 8 8000 15000 23000 9 -93000 93000 10 -248000 248000 11 250000 250000 11 -200000 -200000 12 -3400 -3400 250000 140000 0 57400 48000 448800 46600 TOTAL Assets Total Liabilites 495400 495400

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