Related questions
10.
Schoff Corporation has provided the following data for the mostrecent month: |
| Raw materials,beginning balance | $ | 10,100 |
| Work in process,beginning balance | $ | 22,100 |
| Finished goods,beginning balance | $ | 52,600 |
| Transactions | |||
| (1) | Raw materials purchases | $ | 75,400 |
| (2) | Raw materials used in production (all direct materials) | $ | 78,900 |
| (3) | Direct labor | $ | 72,300 |
| (4) | Manufacturing overhead costsincurred | $ | 82,600 |
| (5) | Manufacturing overhead applied | $ | 76,200 |
| (6) | Cost of units completed andtransferred from work in process to finished goods | $ | 229,000 |
| (7) | Any overapplied or underappliedmanufacturing overhead is closed to cost of goods sold | ? | |
| (8) | Finished goods are sold | $ | 262,000 |
| Required: | |
Prepare T-accounts for Raw Materials, Work in Process, FinishedGoods, Manufacturing Overhead, and Cost of Goods Sold. Record thebeginning balances and each of the transactions listed above.Finally, determine the ending balances. (Record thetransactions in the given order. Omit the "$" sign in yourresponse.) |
| Raw Materials |
| Beg. bal | (Click toselect)(4)(2)(3)(8)(7)(5)(1)(6) | |||
| (Click toselect)(6)(1)(5)(7)(4)(2)(8)(3) | ||||
| End. bal | ||||
| Work in Process |
| Beg. bal | (Click toselect)(1)(6)(5)(7)(4)(2)(3)(8) | |||
| (Click toselect)34872615 | ||||
| (Click toselect)65187423 | ||||
| (Click toselect)43827561 | ||||
| End. bal | ||||
| Finished Goods |
| Beg. bal | (Click toselect)(1)(6)(7)(5)(3)(4)(8)(2) | |||
| (Click toselect)(2)(8)(3)(4)(7)(6)(1)(5) | ||||
| End. bal | ||||
| Manufacturing Overhead |
| (Click toselect)(3)(6)(4)(1)(2)(5)(7)(8) | (Click toselect)(2)(5)(7)(4)(8)(1)(6)(3) | |||
| (Click toselect)(8)(7)(2)(5)(4)(1)(3)(6) | ||||
| Cost of Goods Sold |
| (Click toselect)15746823 | ||||
| (Click toselect)72364185 | ||||
| End. bal | ||||
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below:
The following transactions occurred during April:
(a) Purchased materials on account at a cost of $233,270.
(b) Requisitioned materials at a cost of $111,800, of which $15,200 was for general factory use.
(c) Recorded factory labor of $225,300, of which $43,775 was indirect.
(d) Incurred other costs:
Selling expense $ 35,000
Factory utilities 22,900
Administrative expenses 51,050
Factory rent 11,900
Factory depreciation 19,200
(e) Applied overhead at a rate equal to 135 percent of direct labor cost.
(f) Completed jobs costing $263,450.
(g) Sold jobs costing $323,070.
(h) Recorded sales revenue of $514,000.
Required:
1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Round your answers to 2 decimal places.)
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3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.)
|
3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Goods Sold increase or decrease?
a.Decrease
b.Increase
4. Prepare Lamondaâs cost of goods manufactured report for April. (Round your answers to 2 decimal places.)
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5. Prepare Lamondaâs April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead. (Round your answers to 2 decimal places.)
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12. EX.17-12.ALGO
Cost of Units Completed and in Process
The charges to Work in ProcessâAssembly Department for a period,together with information concerning production, are as follows.All direct materials are placed in process at the beginning ofproduction.
| Work inProcessâAssembly Department | |||
|---|---|---|---|
| Bal., 3,000 units, 50%completed | 7,350 | To Finished Goods,69,000 units | ? |
| Direct materials,71,000 units @ $1.3 | 92,300 | ||
| Direct labor | 126,000 | ||
| Factory overhead | 49,000 | ||
| Bal. ? units, 50%completed | ? | ||
Cost per equivalent units of $1.30 for Direct Materials and$2.50 for Conversion Costs.
a. Based on the above data, determine thedifferent costs listed below.
If required, round your interim calculations to two decimalplaces.
| 1. Cost of beginning work in process inventory completed thisperiod. | $ |
| 2. Cost of units transferred to finished goods during theperiod. | $ |
| 3. Cost of ending work in process inventory. | $ |
| 4. Cost per unit of the completed beginning work in processinventory, rounded to the nearest cent. |
