ALT-MFG-POSTINGS SCORE: 5 132 ASSETS LIAB ACCOUNTS RECEIVABLE ACCOUNTS PAYABL 1 100,000 0 100,000 OWNER'S EQUITY COST OF GOODS SOLD 0 SALES 0 1 Smith Printing purchased $172,000 of raw materials on account. RAW MATERIALS INV 172,000 0 WAGES PAYABLE 0 1 2 Materials used: Job 420-$32,240; Job 421-42,920; Job 422-$36,100; Job 423: $39,270. Indirect Materials used=$4,470. (Total direct materials used=$150,530.) 3 Factory wages: Job 420-$18,000; Job 421=$26,000; Job 422-$15,000; Job 423$25,000. Indirect Labor=$3,300 (Total direct labor = $84,000.) 4 Factory supervision salaries and factory security salaries were $39,500. 5 Depreciation on the factory and machinery was $14,550. FACTORY OVERHEAD WORK IN PROCESS INV SALARIES PAYABLE Actual Applied DM 1 150,5301 0 0 O IM 0 DL 1 84.000 O IL FO 1 63.000 O supv/sec 297.530 UTILITIES PAYABLE O depr FINISHED GOODS IN 0 0 DR Bal-underapplied JOB 420 CR Bal=overapplied DM 0 ACCUM. DEPRECIATION DL 10 0 FO JO TOTAL 0 6 Factory overhead is applied at the rate of 75% of direct labor cost. 7 Fill in the job cost sheets. 7 *8 Jobs 420, Job 421 and Job 423 were completed and moved to Finished Goods. **9x Job 420 was sold to a customer for $100,000 on account. JOB 421* DM DEBIT CREDIT 100,000 172,000 297,530 ACOOUNTS RECEIVABLE RAW MATERIALS INV WORK IN PROCESS INV FINISHED GOODS INV DL 10 10 0 Questions worth asking.. 2. Which job was finished and sold? b. Which jobs were finished but not sold? C. Which job was not finished? d. Was the overhead over- or underapplied and by how much? JOB Cost 420 63,740 421 +423 171,440 422 FO TOTAL 0 62,350 Over 1,180 JOB 422 DM ACCUM. DEPRECIATION FACTORY OVERHEAD ACCOUNTS PAYABLE WAGES PAYABLE SALARIES PAYABLE UTILITIES PAYABLE DL 10 JO 0 0 0 FO TOTAL SALES COST OF GOODS SOLD JOB 423* DM 569,530 0 DL lo 10 lo FO TOTAL 0