2:40 7 Touch to return to call . 11:53 cdn.fbsbx.com Done 4 (2 Journals for #4 one materials and one labor) 4 of 4 Numbers 8 and 9 are not journals V. Physical Units Data Beginning Work in Process 70,000 uni Units Started to WIP 350,000 units Ending Work in Process 40,000 units 100% complete materials, 75% complete for conversion costs Manufacturing Cost Data Beginning work in Process Materials 86,000 Conversion Costs 36,000 Costs added Materials 447.400 Conversion Costs 210,000 Step 1&2. Account for the Physical units and Determine the Equivalent units completed for the month Step 3 Determine the material and conversion costs per unit Step 4 Prepare a cost reconciliation THAT'S ALL2:40 7 Touch to return to call . 11:44 cdn.fbsbx.com Done Ill. Manufacturing Overhead Costs estimated 600,000 Direct Labor Hours estimated 300,000 Machine Hours estimated 400,000 Direct Labor Costs estimated 200,000 Determine the Pre-determined Overhead rate based on the following: a Direct Labor Hours b Machine Hours C Direct Labor Cost IV. AJ Smith Compay has the following beginning inventory balances at 1/1/2019 Beginning Raw materials 16,000 Beginning Work in process 25,000 all in Job 112 FinishedGoods (no beginning inventory in finished goods) AJ Smith company had the following transactions in January. 1. Purchased Raw Materials on account for 200,000 2. Salaries paid to factory workers was $60,000. All paid in cash. 3. Factory rent of 70,000 and utility bills for 45,000 for the month were paid. and Depreciation on factory equipment was $90,000. 4. Material and labor was charged to jobs in WIP in January as follows: Material Labor Machine Hours Job 111 40,000 15,000 17,000 Job 112 70,000 20,000 21,000 Job 113 50,000 5,000 22,000 General use 10,000 20,000 Total $ 170,000 $ 60,000 60,000 Make a journal for the material and the labor costs to jobs (2 Journals) 5. Manufacturing overhead is applied at a rate of $4 per machine hour. There were 60,000 machine hours in the month. Make the entry to apply overhead. 6. Jobs 111 and 112 were completed and transferred to finished Goods 7. Job 111 was sold for $300,000. Make the journals for this. (include Cost) 8. What is the over or under applied overhead amount over or under (choose one) 9. What is the total ending inventory incl RM, WIP and FG at 1/31/2019 Remember to count beginning inventory) Create Journal entries for each transaction below: Account Debit Credit 4 (2 Journals for #4 one materials and one labor)2:40 4 Touch to return to call . 11:35 cdn.fbsbx.com Done Accounting 1B Midterm 1 Name I. ABC company had the following expenses in June. Factory Utilities Expense 14,000 Direct labor $ 150,000 FactoryManager's salary 20,000 Advertising Expense 35,000 Factory Security people salaries 60,000 Property taxes on Factory Equipment 10,000 Indirect Materials 12,000 Property taxes on Sales office 5.000 Direct Materials used 200,000 Factory building repairs 4,200 Depreciation on Factory Equipment 16,000 Sales people's salaries 75,000 Depreciation on Sales ofice copy machines 6,000 Office supplies for Admin office Expense 3.000 Commissions for Sales people 30,000 Factory Insurance Cost 6,000 From the information above determine the total amount of 1 Total Manufacturing Overhead 2 Total Manufacturing/Product Costs 3 Total Non-Manufacturing/Period Costs Il. Ending June 30 records for June 30 for ABC Company Revenue 2,000,000 Raw Materials Purchased in Month 150,000 Direct Labor Cost 40,000 Advertising Expense 30,000 Rent on Fact 36,000 Sales Commissions 60,000 Maintenance Expense on factory Equip. 10,000 Supplies for the Factory 7,500 Depreciation on Factory Equipment 25,000 Indirect labor Cost 40,500 Utilities Expense for Factory 15,000 Depreciation on Sales Office Cars 25,000 Raw Mati Work in Process Finished Goods Beginning Inventory 15,000 25,000 30,000 Ending Inventory 20,000 10,000 10,000 Prepare the Cost of Goods Manufactured and Cost of goods sold for the month below Create an Income Statement for the month (Simple format, include period costs)