Sydney International Business CollegeABN No: 40 602 418 815SIBCSIBCETreRNATIONALRTO No: 41182 CRICOS Provider No.: 03504GAddress: Level 5, 307 Pitt Street, Sydney NSW 2000Phone: 02 9264 4438 Email: info@sibc.nsw.edu.auTask 5The general ledger of Daedalus Ltd, a manufacturing firm operating a job cost system, included the followingbalances at May 31:$35,0003,375 (Cr.)420 (Cr.)16,15017,075Raw Materials ControlLabour ControlFactory Overhead AppliedWork In ProcessFinished GoodsParticulars of jobs in process and the job completed wereMaterialJob No.LabourOverheadTotal$ 3,000500$6,7501,7006,350$ 3,600$13,3502,80017,075323In process324600Completed3225,8504,875During the month of June the following transactions occurred:$$24,700Materials purchased on creditFactory wages paid29,000- Gross- PAYG Tax6,700 22,3002,5002,000Factory rent paidInvoices for sundry factory overhead itemsDepreciation at 15% per annum is to be charged on factory plant valued at $160,000Material issued to the factory and labour charged for the month were:MaterialJob No.Labour$ nil5,600$1,1753234,4009,2501,0009,80032432512,0004,5003,000326Indirect25,10025,625Factory overhead is applied using a rate of 120% of direct labour cost. Any over/under-applied overhead istransferred to cost of goods sold at June 30. At 30 June, Job No. 326 was incomplete. Job Nos 322, 323 and 324had been completed and sold on credit, wh ile Job No. 325 was still in the finished goods warehouse. The jobssold had a total sales value of $81,744REQUIRED:Prepare a Job Card Cost Summary for JunePrepare and balance the following accounts (a single ledger is used)(i)( ii(v(а)(b)(ii)Raw Materials ControlLabour ControlFactory Overhead ControlWork in Process(iv)(v)Factory Overhead AppliedFinished GoodsVersion Date: September 2019Page 19 of 24Sydney International Institute Pty Ltd T/A Sydney International Business CollegeABN No: 40 602 418 815 RTO No: 41182 CRICOS Provider: 03504G Address: Level 5, 307 Pitt Street, Sydney NSW 2000Phone: 02 8971 0170 Email: sydibc@gmail.comSYDNEYSENL GE Sydney International Business CollegeABN No: 40 602 418 815SIBCSIBCETreRNATIONALRTO No: 41182 CRICOS Provider No.: 03504GAddress: Level 5, 307 Pitt Street, Sydney NSW 2000Phone: 02 9264 4438 Email: info@sibc.nsw.edu.auTask 6:The following information has been prepared from the accounting records of Doubting Ltd for the six-months to 30June 2010. The business uses a periodic inventory system$178,3001,846,500Accounts receivable:Balance 01/01/2010SalesInventories 01/01/2010:95,9408,440174,69028,650Raw MaterialsFactory SuppliesFinished GoodsWork in ProcessFactory insurances:Prepaid 01/01/2010Annual Premium paid 01/04/2010Factory Plant & Equipment:At cost 01/01/20102,92012,360343,800154,710Accumulated Depreciation 01/01/2010Depreciation Straight-line 10% p.aAccounts payable:Balance 01/01/201045,180442,23018,62038,730317,840Purchases- Raw materials- Factory supplies- Finished goodsPaymentsFreight Inwards:Raw materials15,4501,79050,060Factory suppliesFreight outwardsWages and salaries:Direct Labour154,68078,03011,430Indirect LabourFactory MaintenanceFactory Lighting and Power:Accrued 01/01/20104,11016,750$102,6609,070171,89037,22016,320PaymentsOther adjustments as at 30 June 2010:- Raw MaterialsInventories- Factory Supplies- Finished Goods- Work In ProcessAnnual Leave accrued - FactoryREQUIRED:Prepare the following statements (appropriately classified) for the six-months ended 30 June 2010:(a)Manufacturing statement andA Trading statement(b)Version Date: September 2019Page 20 of 24Sydney International Institute Pty Ltd T/A Sydney International Business CollegeABN No: 40 602 418 815 RTO No: 41182 CRICOS Provider: 03504G Address: Level 5, 307 Pitt Street, Sydney NSW 2000Phone: 02 8971 0170 Email: sydibc@gmail.comSYDNEYSENL GE

Question
Asked Nov 25, 2019
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Sydney International Business College
ABN No: 40 602 418 815
SIBC
SIBC
ETreRNATIONAL
RTO No: 41182 CRICOS Provider No.: 03504G
Address: Level 5, 307 Pitt Street, Sydney NSW 2000
Phone: 02 9264 4438 Email: info@sibc.nsw.edu.au
Task 5
The general ledger of Daedalus Ltd, a manufacturing firm operating a job cost system, included the following
balances at May 31:
$
35,000
3,375 (Cr.)
420 (Cr.)
16,150
17,075
Raw Materials Control
Labour Control
Factory Overhead Applied
Work In Process
Finished Goods
Particulars of jobs in process and the job completed were
Material
Job No.
Labour
Overhead
Total
$ 3,000
500
$6,750
1,700
6,350
$ 3,600
$13,350
2,800
17,075
323
In process
324
600
Completed
322
5,850
4,875
During the month of June the following transactions occurred:
$
$
24,700
Materials purchased on credit
Factory wages paid
29,000
- Gross
- PAYG Tax
6,700 22,300
2,500
2,000
Factory rent paid
Invoices for sundry factory overhead items
Depreciation at 15% per annum is to be charged on factory plant valued at $160,000
Material issued to the factory and labour charged for the month were:
Material
Job No.
Labour
$ nil
5,600
$1,175
323
4,400
9,250
1,000
9,800
324
325
12,000
4,500
3,000
326
Indirect
25,100
25,625
Factory overhead is applied using a rate of 120% of direct labour cost. Any over/under-applied overhead is
transferred to cost of goods sold at June 30. At 30 June, Job No. 326 was incomplete. Job Nos 322, 323 and 324
had been completed and sold on credit, wh ile Job No. 325 was still in the finished goods warehouse. The jobs
sold had a total sales value of $81,744
REQUIRED:
Prepare a Job Card Cost Summary for June
Prepare and balance the following accounts (a single ledger is used)
(i)
( ii
(v
(а)
(b)
(ii)
Raw Materials Control
Labour Control
Factory Overhead Control
Work in Process
(iv)
(v)
Factory Overhead Applied
Finished Goods
Version Date: September 2019
Page 19 of 24
Sydney International Institute Pty Ltd T/A Sydney International Business College
ABN No: 40 602 418 815 RTO No: 41182 CRICOS Provider: 03504G Address: Level 5, 307 Pitt Street, Sydney NSW 2000
Phone: 02 8971 0170 Email: sydibc@gmail.com
SYDNEY
SENL GE
help_outline

Image Transcriptionclose

Sydney International Business College ABN No: 40 602 418 815 SIBC SIBC ETreRNATIONAL RTO No: 41182 CRICOS Provider No.: 03504G Address: Level 5, 307 Pitt Street, Sydney NSW 2000 Phone: 02 9264 4438 Email: info@sibc.nsw.edu.au Task 5 The general ledger of Daedalus Ltd, a manufacturing firm operating a job cost system, included the following balances at May 31: $ 35,000 3,375 (Cr.) 420 (Cr.) 16,150 17,075 Raw Materials Control Labour Control Factory Overhead Applied Work In Process Finished Goods Particulars of jobs in process and the job completed were Material Job No. Labour Overhead Total $ 3,000 500 $6,750 1,700 6,350 $ 3,600 $13,350 2,800 17,075 323 In process 324 600 Completed 322 5,850 4,875 During the month of June the following transactions occurred: $ $ 24,700 Materials purchased on credit Factory wages paid 29,000 - Gross - PAYG Tax 6,700 22,300 2,500 2,000 Factory rent paid Invoices for sundry factory overhead items Depreciation at 15% per annum is to be charged on factory plant valued at $160,000 Material issued to the factory and labour charged for the month were: Material Job No. Labour $ nil 5,600 $1,175 323 4,400 9,250 1,000 9,800 324 325 12,000 4,500 3,000 326 Indirect 25,100 25,625 Factory overhead is applied using a rate of 120% of direct labour cost. Any over/under-applied overhead is transferred to cost of goods sold at June 30. At 30 June, Job No. 326 was incomplete. Job Nos 322, 323 and 324 had been completed and sold on credit, wh ile Job No. 325 was still in the finished goods warehouse. The jobs sold had a total sales value of $81,744 REQUIRED: Prepare a Job Card Cost Summary for June Prepare and balance the following accounts (a single ledger is used) (i) ( ii (v (а) (b) (ii) Raw Materials Control Labour Control Factory Overhead Control Work in Process (iv) (v) Factory Overhead Applied Finished Goods Version Date: September 2019 Page 19 of 24 Sydney International Institute Pty Ltd T/A Sydney International Business College ABN No: 40 602 418 815 RTO No: 41182 CRICOS Provider: 03504G Address: Level 5, 307 Pitt Street, Sydney NSW 2000 Phone: 02 8971 0170 Email: sydibc@gmail.com SYDNEY SENL GE

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Sydney International Business College
ABN No: 40 602 418 815
SIBC
SIBC
ETreRNATIONAL
RTO No: 41182 CRICOS Provider No.: 03504G
Address: Level 5, 307 Pitt Street, Sydney NSW 2000
Phone: 02 9264 4438 Email: info@sibc.nsw.edu.au
Task 6:
The following information has been prepared from the accounting records of Doubting Ltd for the six-months to 30
June 2010. The business uses a periodic inventory system
$
178,300
1,846,500
Accounts receivable:
Balance 01/01/2010
Sales
Inventories 01/01/2010:
95,940
8,440
174,690
28,650
Raw Materials
Factory Supplies
Finished Goods
Work in Process
Factory insurances:
Prepaid 01/01/2010
Annual Premium paid 01/04/2010
Factory Plant & Equipment:
At cost 01/01/2010
2,920
12,360
343,800
154,710
Accumulated Depreciation 01/01/2010
Depreciation Straight-line 10% p.a
Accounts payable:
Balance 01/01/2010
45,180
442,230
18,620
38,730
317,840
Purchases
- Raw materials
- Factory supplies
- Finished goods
Payments
Freight Inwards:
Raw materials
15,450
1,790
50,060
Factory supplies
Freight outwards
Wages and salaries:
Direct Labour
154,680
78,030
11,430
Indirect Labour
Factory Maintenance
Factory Lighting and Power:
Accrued 01/01/2010
4,110
16,750
$
102,660
9,070
171,890
37,220
16,320
Payments
Other adjustments as at 30 June 2010:
- Raw Materials
Inventories
- Factory Supplies
- Finished Goods
- Work In Process
Annual Leave accrued - Factory
REQUIRED:
Prepare the following statements (appropriately classified) for the six-months ended 30 June 2010:
(a)
Manufacturing statement and
A Trading statement
(b)
Version Date: September 2019
Page 20 of 24
Sydney International Institute Pty Ltd T/A Sydney International Business College
ABN No: 40 602 418 815 RTO No: 41182 CRICOS Provider: 03504G Address: Level 5, 307 Pitt Street, Sydney NSW 2000
Phone: 02 8971 0170 Email: sydibc@gmail.com
SYDNEY
SENL GE
help_outline

Image Transcriptionclose

Sydney International Business College ABN No: 40 602 418 815 SIBC SIBC ETreRNATIONAL RTO No: 41182 CRICOS Provider No.: 03504G Address: Level 5, 307 Pitt Street, Sydney NSW 2000 Phone: 02 9264 4438 Email: info@sibc.nsw.edu.au Task 6: The following information has been prepared from the accounting records of Doubting Ltd for the six-months to 30 June 2010. The business uses a periodic inventory system $ 178,300 1,846,500 Accounts receivable: Balance 01/01/2010 Sales Inventories 01/01/2010: 95,940 8,440 174,690 28,650 Raw Materials Factory Supplies Finished Goods Work in Process Factory insurances: Prepaid 01/01/2010 Annual Premium paid 01/04/2010 Factory Plant & Equipment: At cost 01/01/2010 2,920 12,360 343,800 154,710 Accumulated Depreciation 01/01/2010 Depreciation Straight-line 10% p.a Accounts payable: Balance 01/01/2010 45,180 442,230 18,620 38,730 317,840 Purchases - Raw materials - Factory supplies - Finished goods Payments Freight Inwards: Raw materials 15,450 1,790 50,060 Factory supplies Freight outwards Wages and salaries: Direct Labour 154,680 78,030 11,430 Indirect Labour Factory Maintenance Factory Lighting and Power: Accrued 01/01/2010 4,110 16,750 $ 102,660 9,070 171,890 37,220 16,320 Payments Other adjustments as at 30 June 2010: - Raw Materials Inventories - Factory Supplies - Finished Goods - Work In Process Annual Leave accrued - Factory REQUIRED: Prepare the following statements (appropriately classified) for the six-months ended 30 June 2010: (a) Manufacturing statement and A Trading statement (b) Version Date: September 2019 Page 20 of 24 Sydney International Institute Pty Ltd T/A Sydney International Business College ABN No: 40 602 418 815 RTO No: 41182 CRICOS Provider: 03504G Address: Level 5, 307 Pitt Street, Sydney NSW 2000 Phone: 02 8971 0170 Email: sydibc@gmail.com SYDNEY SENL GE

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Expert Answer

Step 1

We’ll answer the first question since the exact one wasn’t specified. Please submit a new question specifying the one you’d like answered.Also we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and specify the other subparts (up to 3) you’d like answered

Step 2

1. The job Cost summary shows the breakup of direct materials, direct labor & factory overhead.

For Job 326, factory overhead= 1000*120%=1200

for Job 325, Factory overhead=9250*120%=11100

f...

Job Card Cost Summary
326 Total
Job
324
322
323
325
Opening
6750
1700
14800
Materials
6350
0
0
4875
Direct labor
3000
500
0
0
8375
Factory OH
Added during the month
5850
3600
600
10050
4500
Materials
Direct labor
0
0
5600
12000
22100
4400
0
1175
9250
1000
15825
5280
Factory OH
Total
11100
1200
18990
0
1410
7300
12000
Materials
6350
6750
4500
36900
Direct labor
4875
4175
4900
9250
1000
24200
1200
Factory OH
5850
5010
5880
11100
29040
15935
6700
17075
18080
32350
90140
Job Card Cost Summary
Direct materials Direct labor
Job No
Factory Overhead Total
In process
4500
326
1000
1200
6700
Completed
325
12000
9250
11100
32350
6350
Sold during the month
4875
17075
322
5850
6750
5010
323
4175
15935
18080
4900
324
7300
5880
help_outline

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Job Card Cost Summary 326 Total Job 324 322 323 325 Opening 6750 1700 14800 Materials 6350 0 0 4875 Direct labor 3000 500 0 0 8375 Factory OH Added during the month 5850 3600 600 10050 4500 Materials Direct labor 0 0 5600 12000 22100 4400 0 1175 9250 1000 15825 5280 Factory OH Total 11100 1200 18990 0 1410 7300 12000 Materials 6350 6750 4500 36900 Direct labor 4875 4175 4900 9250 1000 24200 1200 Factory OH 5850 5010 5880 11100 29040 15935 6700 17075 18080 32350 90140 Job Card Cost Summary Direct materials Direct labor Job No Factory Overhead Total In process 4500 326 1000 1200 6700 Completed 325 12000 9250 11100 32350 6350 Sold during the month 4875 17075 322 5850 6750 5010 323 4175 15935 18080 4900 324 7300 5880

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