setting up the T accounts for this problem christoper's custom cabinet company uses a job order cost system with overhead applied as a peroentage of direct labor... Inventory balances at.. beginning 01'2013 follow, Raw materials inventory E 0,000
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| setting up the T accounts for this problem | ||||||||||||||||||||||||||||||
| christoper's custom cabinet company uses a job order cost system | ||||||||||||||||||||||||||||||
| with overhead applied as a | ||||||||||||||||||||||||||||||
| peroentage of direct labor... Inventory balances at.. beginning 01'2013 follow, | ||||||||||||||||||||||||||||||
| Raw materials inventory | E 0,000 | |||||||||||||||||||||||||||||
| Work in process inventory | ||||||||||||||||||||||||||||||
| Finished goods in | 82,000 | |||||||||||||||||||||||||||||
| The bllowing tran.ctions occurred during January: | ||||||||||||||||||||||||||||||
| (a)Purchased materials on account for $26,000. | ||||||||||||||||||||||||||||||
| (b) Issued materials to production totaling $40,000, 80 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. | ||||||||||||||||||||||||||||||
| (c)Pair,o,11=c=ing $69,700,zre recorded as follows: | ||||||||||||||||||||||||||||||
| ,200 for factory bl'.1p:rvision 31,000 for administrative personnel | ||||||||||||||||||||||||||||||
| 15,500 for sal. on (d)Rmord al depreciation: $8,500 for machines, 82,400 for the Dopier used in ...minis...iv° office. (e) Recorded $4,000 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative mc.pense. | ||||||||||||||||||||||||||||||
| (0 Paid $7,800 in other factory costs in cash. | ||||||||||||||||||||||||||||||
| g) AComie.. au ob bu oveheedo at casat soe. 3 0f0r p hieob odwsc1000aor | ||||||||||||||||||||||||||||||
| direct mate.ls, $3,000 for | ||||||||||||||||||||||||||||||
| direct labor, and $,000 for applied overhead. | ||||||||||||||||||||||||||||||
| (if Sold jobs post,. $70,000. The revenue eamed on these jobs was $81,000. | ||||||||||||||||||||||||||||||
| Require. | ||||||||||||||||||||||||||||||
| 1. Set up 7-accounts, record the beginning balanoes, post the January transactions, a. compute the final balance for .e following accounts: | ||||||||||||||||||||||||||||||
| a. Raw Materials Inventory. | ||||||||||||||||||||||||||||||
| b. W.< in Process Inventory. | ||||||||||||||||||||||||||||||
| c. Finished Goods Inventory. Cost of Goods Sold. | ||||||||||||||||||||||||||||||
| e. Manufacturing Overhead. | ||||||||||||||||||||||||||||||
| 1. Selling, General, a. Administrative Expenses. | ||||||||||||||||||||||||||||||
| g. Sales Revenue. | ||||||||||||||||||||||||||||||
| IL Other acocu. (Cash, Payabl., etc.). | ||||||||||||||||||||||||||||||
10 years ago
setting up the T accounts for this problem christoper's custom cabinet company uses a job order cost system with overhead applied as a peroentage of direct labor... Inventory balances at.. beginning 01'2013 follow, Raw materials inventory E 0,000
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