Question
1) Determine the beginning balance at Dec 1 (Nov 30) for Work in Process Control. 2) The company uses a predetermined overhead rate so find
1) Determine the beginning balance at Dec 1 (Nov 30) for Work in Process Control.
2) The company uses a predetermined overhead rate so find it and show work how you got it
3) Fill in the data for December for Work in Process Control (T-account) and subsidiary ledger.
4) Add T-accounts for product costs and complete each T-account as of Dec 31. Use below data to help fill in accounts.
Note: some additional information for December is that indirect material was $6,000, indirect labor was $9,000, and other actual manufacturing overhead was $21,000 and payable Dec 31. Job #105 was completed in December and sold for $85,000.
5) What is the ending balance in work in process control at Dec 31
6) Prepare all journal entries for all product costs for Dec below in good form
7) what is the balance in manufacturing overhead T-account at Dec 31 and should anything be done with it and if so prepare a journal entry
Cost Sheets; Overhead Rates; Journal Entries Kenworth Company em- ploys a job-order costing system. Only three jobs-job 105, job 106, and job 107were worked on during November and December. Job 105 was completed on December 10; the other two jobs were still in production on December 31, the end of the company's operating year. Job cost sheets on the three jobs are given below: Job Cost Sheet 32.000 Job 105 Job 106 Job 107 .. $16,500 13,000 $ 9,300 7,000 11,200 20,800 November costs incurred: Direct materials ...... Direct labor............ Manufacturing overhead .... December costs incurred: Direct materials ........ Direct labor .......... Manufacturing overhead ...... 8,200 6,000 4,000 ? 21,300 10,000 The following additional information is available: a. Manufacturing overhead is assigned to jobs on the basis of direct labor cost. b. Balances in the inventory accounts at November 30 were as follows: $40,000 Raw Materials ....... Work in Process ..... Finished Goods ...... 85,000Step by Step Solution
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