Scenario: Just4U Company uses a job order cost system. The following data summar
ID: 2447292 • Letter: S
Question
Scenario:
Just4U Company uses a job order cost system. The following data summarize the operations related to production for the month of January 20xx.
a) Materials purchased on account: $150,000
b) Materials requisitioned and Factory labor used:
JOB ORDER
MATERIALS
LABOR
601
$32,400
$19,300
602
$21,300
$15,200
603
$28,400
$17,500
604
$26,308
$16,395
605
$31,225
$18,422
General Factory Use
$5,300
$32,400
c) Factory overhead costs incurred on account: $34,500
d) Depreciation of machinery and equipment: $5,100
e) The factory overhead rate is $50 per machine hour.
Job Order
Machine Hours Used
601
320
602
225
603
300
604
285
605
312
f) Jobs completed: #601, #603, #605
g) Jobs shipped and billed: #601: $113,200, #605: $88,350
Task: Can you please proivde the proper t-accounts for the above situations for the following data.
JOB ORDER
MATERIALS
LABOR
601
$32,400
$19,300
602
$21,300
$15,200
603
$28,400
$17,500
604
$26,308
$16,395
605
$31,225
$18,422
General Factory Use
$5,300
$32,400
Explanation / Answer
Manufacturing T accounts:
Accounts Payable
Debit
Credit
Material Inv.
$ 150,000
Factory Overhead
$ 34,500
Balance
$ 184,500
Material Inventory
Debit
Credit
Accounts Payable
$ 150,000
Work in Process Inventory:
601
$ 32,400
602
$ 21,300
603
$ 28,400
604
$ 26,308
605
$ 31,225
Factory Overhead
$ 5,300
Balance
$ 5,067
Labor and wages Payable
Debit
Credit
Work in Process Inventory:
601
$ 19,300
602
$ 15,200
603
$ 17,500
604
$ 16,395
605
$ 18,422
Factory Overhead
$ 32,400
Balance
$ 119,217
Work in Process Inventory
Debit
Credit
Material Inventory:
Finished Goods Inventory:
601
$ 32,400
601
$ 67,700
602
$ 21,300
603
$ 60,900
603
$ 28,400
605
$ 65,247
604
$ 26,308
605
$ 31,225
Labor and wages:
601
$ 19,300
602
$ 15,200
603
$ 17,500
604
$ 16,395
605
$ 18,422
Factory Overhead:
601
$ 16,000
602
$ 11,250
603
$ 15,000
604
$ 14,250
605
$ 15,600
Balance
$ 104,703
Factory Overhead
Debit
Credit
Accounts Payable
$ 34,500
Work in process inventory:
Material Inventory
$ 5,300
601 = 320*50
$ 16,000
Labor and wages
$ 32,400
602 = 225*50
$ 11,250
Depreciation
$ 5,100
603 = 300*50
$ 15,000
604 = 285*50
$ 14,250
605 = 312*50
$ 15,600
Balance
$ 5,200
Depreciation Expense
Debit
Credit
Accumulated Depreciation
$ 5,100
Factory Overheads
$ 5,100
Finished Goods Inventory
Debit
Credit
Work in Process inventory:
Cost of Goods sold:
601
$ 67,700
601
$ 67,700
603
$ 60,900
605
$ 65,247
605
$ 65,247
Balance
$ 60,900
Cost of Goods sold
Debit
Credit
Finished Goods inventory:
601
$ 67,700
605
$ 65,247
Total
$ 132,947
Sales
Debit
Credit
Accounts Receivables:
601
$ 113,200
605
$ 88,350
Total
$ 201,550
Accounts Receivables
Debit
Credit
Sales:
601
$ 113,200
605
$ 88,350
Balance
$ 201,550
Manufacturing T accounts:
Accounts Payable
Debit
Credit
Material Inv.
$ 150,000
Factory Overhead
$ 34,500
Balance
$ 184,500
Material Inventory
Debit
Credit
Accounts Payable
$ 150,000
Work in Process Inventory:
601
$ 32,400
602
$ 21,300
603
$ 28,400
604
$ 26,308
605
$ 31,225
Factory Overhead
$ 5,300
Balance
$ 5,067
Labor and wages Payable
Debit
Credit
Work in Process Inventory:
601
$ 19,300
602
$ 15,200
603
$ 17,500
604
$ 16,395
605
$ 18,422
Factory Overhead
$ 32,400
Balance
$ 119,217
Work in Process Inventory
Debit
Credit
Material Inventory:
Finished Goods Inventory:
601
$ 32,400
601
$ 67,700
602
$ 21,300
603
$ 60,900
603
$ 28,400
605
$ 65,247
604
$ 26,308
605
$ 31,225
Labor and wages:
601
$ 19,300
602
$ 15,200
603
$ 17,500
604
$ 16,395
605
$ 18,422
Factory Overhead:
601
$ 16,000
602
$ 11,250
603
$ 15,000
604
$ 14,250
605
$ 15,600
Balance
$ 104,703
Factory Overhead
Debit
Credit
Accounts Payable
$ 34,500
Work in process inventory:
Material Inventory
$ 5,300
601 = 320*50
$ 16,000
Labor and wages
$ 32,400
602 = 225*50
$ 11,250
Depreciation
$ 5,100
603 = 300*50
$ 15,000
604 = 285*50
$ 14,250
605 = 312*50
$ 15,600
Balance
$ 5,200
Depreciation Expense
Debit
Credit
Accumulated Depreciation
$ 5,100
Factory Overheads
$ 5,100
Finished Goods Inventory
Debit
Credit
Work in Process inventory:
Cost of Goods sold:
601
$ 67,700
601
$ 67,700
603
$ 60,900
605
$ 65,247
605
$ 65,247
Balance
$ 60,900
Cost of Goods sold
Debit
Credit
Finished Goods inventory:
601
$ 67,700
605
$ 65,247
Total
$ 132,947
Sales
Debit
Credit
Accounts Receivables:
601
$ 113,200
605
$ 88,350
Total
$ 201,550
Accounts Receivables
Debit
Credit
Sales:
601
$ 113,200
605
$ 88,350
Balance
$ 201,550
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