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• Problem 1: The following information reects Wallace Companys job order production activities for May. Raw materials purchase $16, 000 Factory payroll cost 15, 400 Overhead costs incurred Indirect materials 5, 000 Indirect labour 3, 500 Other factory overhead 9, 500 Wallaces predetermined overhead rate is 150% of direct labour cost. Costs allocated to the three jobs worked during May as follows: Job 401 Job 402 Job 403 Inprocess balances on April 30 Direct materials $3, 600 Direct labour 1, 700 Applied overhead 2, 250 Costs during May Direct materials 3, 550 $3, 500 $ 1, 400 Direct labour 5, 100 6,000 800 Applied overhead ? 2 ?

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  Me: 1. Determine the total cost of: The April 30 inventory of jobs in process. Materials used during May. Labour used during May, Factory overhead incurred and applied during May and the amount of any over-or- underapplied overhead on May 31. e. Each job as of May 31, the May 31 inventories of both goods in process and nished goods, and the goods sold during May

Determine the total cost of: The April 30 inventory of jobs in process. Materials used during May. Labour used during May, Factory overhead incurred and applied during May and the amount of any over-or- underapplied overhead on May 31. e. Each job as of May 31, the May 31 inventories of both goods in process and nished goods, and the goods sold during May Prepare summarized journal entries for the month to record: a. Materials purchases (on credit) the factory payroll (paid with cash), indirect materials, indirect labour, and the other factory overhead (paid With cash. b. Assignment of direct materials, direct labour, and overhead costs to the Goods in Process Inventory account. (use separate debit entries for each job.) Problem solving assignment Page 1 of 12 c. Transfer of each completed job to the Finished Goods Inventory account. d. Cost of goods sold. e. Removal of any underapplied or overapplied overhead from the factory overhead account. (Assume the amount is not material.) 3. Prepare a cost of goods manufactured statement for May.