The Holtz Chrome Products Co. manufactures special chromed parts made to the ord

Question

The Holtz Chrome Products Co. manufactures special chromed parts made to the order and specifications of the customer. It has two production departments, stamping pl ating, and two service departments, power and maintenance. In any production department, the job in process is wholly completed before the next job is started. The company operates on a fiscal year which ends May 31. Following is the post- closing trial balance as of May 31: Holtz Chrome Products Co. Post-Closing Trial Balance May 31, Cash Accounts Receivable .. Finished Goods Work in Process Materials Prepaid Insurance Factory Building Accumulated Depreciation-Factory Building Machinery and Equipment Accumulated Depreciation-Machinery and Equipment Office Equipment Accumulated Depreciation-Office Equipment... Vouchers Payable FICA Tax Payable Federal Unemployment Tax Payable.. State Unemployment Tax Payable Employees Income Tax Payable Capital Stock Retained Earnings 19,000 24.200 8,400 2.400 10,000 2.700 60,000 20,000 30,000 15,000 16,000 8,000 3,700 3.120 364 1,404 5,200 100,000 15.912 172,700 172,700 Additional information: 1. The balance of the materials account represents the following: UnitsUnit Cost Materials 8 Factory Supplies Total 100 300 150 $24 S 2.400 3,600 3,000 1,000 $10.000 20 The company uses the FIFO method of accounting for all inventories. Material A is used in the stamping department and materials B and C in the plating department. The balance of the work in process account represents the following costs that applicable to Job 312. (The customer's order is for 1,000 units of the finished product.) 2.

Explanation / Answer

Amount (in $) Particulars Debit Credit Raw Materials Inventory 82600.00 Factory Supplies 2800.00           Accounts Payable 85400.00 Work-in-Process Inventory 48200.00          Raw Materials Inventory 45600.00          Factory Supplies 2600.00 Salary Expense 32092.00 Wages Expense 25764.00        Federal Income Taxes Payable 5120.00        FICA Taxes Payable 8192.00        State Unemp. Taxes Payable 2048.00        Federal Unemp. Taxes Payable 512.00        Cash 41984.00 Factory Overhead 2965.00        Raw Materials Inventory 2965.00 Selling & Administrative Expenses 1700.00       Accounts Payable 1700.00 Depreciation - Factory Building 250.00 Depreciation - Machinery & Equipment 500.00 Depreciation - Office Equipment 266.67       Accumulated Depreciation 1016.67 Insurance Expense 75.00       Prepaid Insurance 75.00 Cost of goods sold 310.00       Manufacturing overhead 310.00 Finished Goods Inventory 71422.00       Work in Progress Inventory 71422.00 Accounts Receivable 34566.00         Sales 34566.00 Cash 51500.00        Accounts Receivable 51500.00 Bank 53500.00      Vouchers 53500.00 Provision for Federal & State Income Tax 3000.00        Federal & State Income Tax Payable 3000.00

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.