4 Problems - CH.16 - EX17-3, EX17-4, EX17-5, EX17-7, & EX17-8.pdf (399 KB) Chapter 17 Joo Uroer Cosung 017 OBJ. 2 b. $2,280 EX 17-3 Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Report Number Quantity Unit Price Materials Requisition Number Unit Price Amount $30.00 $8,550 130 $32.00 Quantity Amount Date Quantity May 1 285 May 4 May 10 May 21 100 May 27 365 110 38.00 a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. b. Determine the materials inventory balance at the end of May. Journalize the summary entry to transfer materials to work in process, d. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand. QB2 EX 17 4 Entry for issuing materials Materials issued for the current month are as follows: Remi Materiat us Next -B 40 2:00 AM H lems - CH.16 - EX17-3, EX17-4, EX17-5, EX17-7, & EX17-8.pdf (399 KB) under FIFO. b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. d. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand. OBJ. 2 201 EX 17-4 Entry for issuing materials Materials issued for the current month are as follows: Requisition No. Material Job No Aluminum 500 202 Plastic 503 203 Rubber 504 204 Glue Indirect Steel Journalize the entry to record the issuance of materials. Amount 588,700 27,600 3,650 2250 205 510 38,750 fabric. $90,100 OBJ. 2 EX 17-5 Entries for materials Eclectic Ergonomics Company manufactures designer Furniture. Eclectic Ergonomics uses a job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric $ 67,500 Polyester filing 20,200 Lumber 150,000 Glue 6.550 HOW Nex a ems - CH.16 - EX17-3, EX17-4, EX17-5, EX17-7, & EX17- oblems - CH.16 - EX17-3, EX17-4, EX17-5, EX 17-7, & EX17-8.pdf (399 KB) Joumalize the entry to record the issuance of materials. fabric $90,100 EX 17-5 Entries for materials OBJ. 2 Eclectic Ergonomics Company manufactures designer furniture. Edectic Ergonomics uses a job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric $ 67,500 Polyester filling 20,200 Lumber 150,000 Glue 6,550 The materials purchased during April are summarized from the receiving reports as follows: Fabric $338,400 Polyester filling 470.400 Lumber 902.400 Glue 32,400 Materials were requisitioned to individual jobs as follows: Polyester Fabric Fulling Lumber Job 81 $127,400 $160,800 $ 689,400 $401,200 97 200 Job 82 145,200 617,400 375,000 91,200 Job 83 118.400 210.000 419,600 Factory overhead-indirect $34,800 34.BCO materials 3315.800 $424,400 Total $986.200 334,800 $1,761,200 Glue Total Next 1:01 AM 2/16/20 -3, EX16-4, X 54 ms - CH.16 - EX17-3, EX17-4, EX17-5, EX17-7, & EX17- sblems - CH.16 - EX17-3, EX17-4, EX17-5, EX17-7, & EX17-8.pdf (399 KB) Journalize the entry to record the factory labor costs. 100 10,00 EX 17-7 Entry for factory labor costs OBJ. 2 The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Process Job 301 Job 302 Job 303 Improvement Tom Couro David Clancy Jose Cano The direct labor rate earned per hour by the three employees is as follows: Tom Couro David Clancy Jose Cano The process improvement category includes training, quality improvement, and other indirect tasks a. Journalire the entry to record the factory labor costs for the week. b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 03 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week? OB 2 EX 17.8 Entries for direct labor and factory overhead Next > 101 AM 2/16/202 1.15. EX16-3, EX16-4 X + id=951254 oblems - CH.16 - EX17-3, EX17-4, EX17-5, EX17-7, & EX17- #4 Problems - CH.16 - EX17-3, EX17-4, EX17-5, EX17-7, & EX17-8.pdf (399 KB) Joumalize the entry to record the factory labor costs for the week b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the weck? EX 17.8 Entries for direct labor and factory overhead OR. 2 Dash Industries Inc., manufactures recreational vehicles. Dash uses a job order cost system. The time tickets from April jobs are summarized as follows: Job 201 55.250 Job 202 6,100 Job 203 4,280 Job 204 5.620 Factory supervision 2.785 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $25 per direct labor hour. The direct labor rate is $50 per hour. a. Journalize the entry to record the factory labor costs. b. Journalire the entry to apply factory overhead to production for April April Next 3:02 AM 296/200