Materials June Balance 82,500 June 30 Requisitions (a) 30 Purchases 330,000 Work in Process Completed jobs June Balance (b) June 30 (f) 30 Materials (c) (d) 30 Direct labor 30 Factory overhead applied (e) Finished Goods June 30 (f) Cost of goods sold June Balance (g) 30 Completed jobs Wages Payable Wages incurred 330,000 June 30 Factory Overhead June 30 June Balance 33,000 Factory overhead applied (e) 30 Indirect labor (h) 44,000 30 Indirect materials 30 Other overhead 237,500 In addition, the following information is available: a. Materials and direct labor were applied to the following jobs in June: Job No. Style Quantity Direct Materials Direct Labor $ 55,000 $ 41,250 T100 201 550 202 T200 1,100 93,500 71,500 T400 203 550 38,500 22,000 S200 69,300 204 660 82,500 205 T300 480 60,000 48,000 22,000 $351,500 206 S100 380 12,400 Total 3,720 $264,450 b. Factory overhead is applied to each job at a rate of 140% of direct labor ost. c. The June 1 Work in Process balance consisted of two jobs, as follows: Work in Process, June 1 Job No. Style 201 T100 $16,500 202 T200 44,000 Total $60,500 d. Customer jobs completed and units sold in June were as follows: Units Sold in June Completed in June Job No. Style 201 T100 440 202 T200 880 203 T400 204 S200 570 205 T300 420 206 S100 Instructions 1. Determine the missing amounts associated with each letter. Provide supporting calcula- tions by completing a table with the following headings: June 1 Work in Process Cost of Goods Sold Job No. Direct Direct Factory Overhead Total Cost Unit Cost Units Sold Materials Labor Quantity 2. Determine the June 30 balances for each of the inventory accounts and factory overhead.
Materials June Balance 82,500 June 30 Requisitions (a) 30 Purchases 330,000 Work in Process Completed jobs June Balance (b) June 30 (f) 30 Materials (c) (d) 30 Direct labor 30 Factory overhead applied (e) Finished Goods June 30 (f) Cost of goods sold June Balance (g) 30 Completed jobs Wages Payable Wages incurred 330,000 June 30 Factory Overhead June 30 June Balance 33,000 Factory overhead applied (e) 30 Indirect labor (h) 44,000 30 Indirect materials 30 Other overhead 237,500 In addition, the following information is available: a. Materials and direct labor were applied to the following jobs in June: Job No. Style Quantity Direct Materials Direct Labor $ 55,000 $ 41,250 T100 201 550 202 T200 1,100 93,500 71,500 T400 203 550 38,500 22,000 S200 69,300 204 660 82,500 205 T300 480 60,000 48,000 22,000 $351,500 206 S100 380 12,400 Total 3,720 $264,450 b. Factory overhead is applied to each job at a rate of 140% of direct labor ost. c. The June 1 Work in Process balance consisted of two jobs, as follows: Work in Process, June 1 Job No. Style 201 T100 $16,500 202 T200 44,000 Total $60,500 d. Customer jobs completed and units sold in June were as follows: Units Sold in June Completed in June Job No. Style 201 T100 440 202 T200 880 203 T400 204 S200 570 205 T300 420 206 S100 Instructions 1. Determine the missing amounts associated with each letter. Provide supporting calcula- tions by completing a table with the following headings: June 1 Work in Process Cost of Goods Sold Job No. Direct Direct Factory Overhead Total Cost Unit Cost Units Sold Materials Labor Quantity 2. Determine the June 30 balances for each of the inventory accounts and factory overhead.
Chapter5: Process Costing
Section: Chapter Questions
Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...
Related questions
Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Question
Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June:
See Attachment
Transcribed Image Text:Materials
June
Balance
82,500
June 30
Requisitions
(a)
30 Purchases
330,000
Work in Process
Completed jobs
June
Balance
(b)
June 30
(f)
30 Materials
(c)
(d)
30
Direct labor
30 Factory overhead applied
(e)
Finished Goods
June 30
(f)
Cost of goods sold
June
Balance
(g)
30 Completed jobs
Wages Payable
Wages incurred
330,000
June 30
Factory Overhead
June 30
June
Balance
33,000
Factory overhead applied
(e)
30 Indirect labor
(h)
44,000
30 Indirect materials
30 Other overhead
237,500
Transcribed Image Text:In addition, the following information is available:
a. Materials and direct labor were applied to the following jobs in June:
Job No.
Style
Quantity
Direct Materials
Direct Labor
$ 55,000
$ 41,250
T100
201
550
202
T200
1,100
93,500
71,500
T400
203
550
38,500
22,000
S200
69,300
204
660
82,500
205
T300
480
60,000
48,000
22,000
$351,500
206
S100
380
12,400
Total
3,720
$264,450
b. Factory overhead is applied to each job at a rate of 140% of direct labor
ost.
c. The June 1 Work in Process balance consisted of two jobs, as follows:
Work in Process,
June 1
Job No.
Style
201
T100
$16,500
202
T200
44,000
Total
$60,500
d. Customer jobs completed and units sold in June were as follows:
Units Sold
in June
Completed
in June
Job No.
Style
201
T100
440
202
T200
880
203
T400
204
S200
570
205
T300
420
206
S100
Instructions
1. Determine the missing amounts associated with each letter. Provide supporting calcula-
tions by completing a table with the following headings:
June 1
Work in
Process
Cost of
Goods
Sold
Job
No.
Direct
Direct
Factory
Overhead
Total
Cost
Unit
Cost
Units
Sold
Materials
Labor
Quantity
2. Determine the June 30 balances for each of the inventory accounts and factory overhead.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
How did you find these?
Transcribed Image Text:Total cost
(5)=(1)+(2)
+(3)+(4)
nit cost Units sold
(6)
S 170,500 $ 310
$ 309,10 $281
91,30
248,82 S 377
175,20 S 365
51,76
S
S
S
S
$ 1,046,68
aterial cost us
440
880
570
420
Cost of goods
sold
8)-(6) x (7)
136,400
247,280
214,890
153,300
751,870
Solution
by Bartleby ExpertKnowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning