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YAR RUM Manufacturing Company manufactures specialty, hand-crafted, 16\" x 20\"

ID: 2576348 • Letter: Y

Question

YAR RUM Manufacturing Company manufactures specialty, hand-crafted, 16" x 20" aluminum tal picture frame kits. The company has one production department. In addition to the me production department, there are standard cost system is used by the company. two service departments: electric and factory maintenance. A You have been hired to complete the cost accounting transactions for the month of January 20xx. The following is the post-closing trial balance as of December 31 of the previous year: YARRUM Manufacturing Company Post-Closing Trial Balance December 31, 20xw $132,130.00 81,700.00 30,753.00 1,830.00 51,600.00 58,850.00 9,000.00 128,000.00 Cash Accounts Receivable Materials Factory Supplies Work in Process Finished Goods Prepaid Insurance Factory Building Accum. Depres-Factory Building Machinery & Equipment $20,900.00 157,000.00 66,000.00 Accum. Deprec.-Machinery & Equipment Office Equipment Accum. Deprec.--Office Equipment 21,000.00 7,500.00 22,500.00 3,120.00 5,200.00 1,600.00 1,404.00 364.00 150,000.00 393,275.00 $671,863.00 $671,863.00 Accounts Payable FICA Tax Payable Employee Federal Income Tax Payable Employee WI Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Capital Stock-common@$7.50 Retained Earnings Enter the beginning account balances, as of January 1, in the general ledger

Explanation / Answer

DATE

DETAILS

AMOUNT $

DEBIT A/C

CREDIT A/C

JAN

I

.24 ELECTRICITY DEPT

4291

13588

ELECTRICITY DEPT

.76 PRODUCTION

PRODUCTION

MAINTENANCE

J

TRF OF FACTORY OH TO WORK IN PROGRESS ( NOTE 1) BELOW

33768

WIP @ $11.20

2199=100hrs= 1120

$

001= 1790hrs

$20048

002= 1082hrs

$12118

003= 43hrs

$482

FACTORY OVERHEAD

K

TRF OF UNDER/ OVER EXPENSES

INCOME STATEMENT

FACTORY OH A/C

L

TRF OF VARINACES

COS

VARIANCES

JOB S

M

JOB 16 -0004

WIP

4500 FRAMES

16- 0004

DM

DL

FOH

N

FINISHED GOODS TRF TO COST OF SALES

COST OF

SALES

FINISHED GOODS

J 2199

60434

J 16 001

377953

J 16 -002

111568

O

ACC REC FOR JOB 2198 1000X117.70

117700

ACC REC

SALES

ACC REC FOR JOB 1199

1000 X $106.50

106500

ACC REC

SALES

P

RECEIPTS FROM ACC REC

399440

CASH

ACC REC

Q

PAYMENT OF WAGES

WAGES

WAGES CONTROL

R

PAYMENT FOR ACC PAY

224,000

ACC PAY

CASH

S

PAYMENT FOR MONTH

139,000

MISC S & A

CASH

NOTE

1

FACTORY OVERHEADS

403200/36000 = $11.2X 3015HRS =

33768

OVERHEAD

$

PRODUCTION

SERVICE

ELEC

MAINTENANCE

DEPRECIATION

56250

39375

5625

11250

INSURANCE

9000

6300

900

1800

E. MISC FOH

7160

4802

627

1731

INDRIECT LABOUR

7750

6099

628

1023

FAC SUPP

9203

5780

1340

2075

89363

62356

9120

17879

RE APPORTION

MAINTENANCE

13588

4291

(17879)

0

JOB 00002 $ DL 12930 DM 86520 FOH 12118 111568