Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can an accountant tutor help me with my homework please. Chapter 17 1. 2. 3. 4. eBook Calculator Print Item Analyzing Manufacturing Cost Accounts Big

Can an accountant tutor help me with my homework please.

image text in transcribed Chapter 17 1. 2. 3. 4. eBook Calculator Print Item Analyzing Manufacturing Cost Accounts Big Wave Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for July: July 1 July 31 Balance Purchases Materials 35,800 July 31 144,000 July July July July Balance Materials Direct labor Factory overhead applied Work in Process (B) July 31 (C) (D) (E) Balance Completed jobs Finished Goods 0 July 31 (F) 1 31 31 31 July 1 July 31 Wages Payable July 31 July July July July 1 31 31 31 Balance Indirect labor Indirect materials Other overhead Factory Overhead 21,900 July 31 (H) 19,100 77,000 Requisitions (A) Completed jobs (F) Cost of goods sold (G) Wages incurred Factory overhead applied 125,000 (E) In addition, the following information is available: a. Materials and direct labor were applied to six jobs in July: Job No. Style Quantity Direct Materials Direct Labor No. 21 X-10 220 $25,080 $17,000 No. 22 X-20 390 38,090 25,000 No. 23 X-50 220 18,000 9,000 No. 24 T-20 310 44,560 30,000 No. 25 X-40 160 20,480 15,000 No. 26 T-10 120 6,960 4,000 Total 1,420 $153,170 $100,000 b. c. Factory overhead is applied to each job at a rate of 140% of direct labor cost. d. The July 1 Work in Process balance consisted of two jobs, as follows: Job No. Style Work in Process, July 1 Job 21 X-10 $6,500 Job 22 X-20 15,400 Total $21,900 e. f. Customer jobs completed and units sold in July were as follows: Job No. Style Completed in July Units Sold in July No. 21 X-10 X 176 No. 22 X-20 X 312 No. 23 X-50 No. 24 T-20 X 260 No. 25 X-40 X 133 No. 26 T-10 0 0 g. 1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in "0". Enter all amounts as positive numbers. Job No. Quantity July 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost No. 21 $ 6,500 $ 25,080 $ 17,000 No. 22 15,400 38,090 25,000 No. 23 18,000 9,000 No. 24 44,560 30,000 No. 25 20,480 15,000 No. 26 6,960 4,000 153,170 100,000 Total $21,900 a. Materials Requisitions $ b. Work in Process Beginning Balance $ c. Direct Materials $ d. Direct Labor $ e. Factory overhead applied $ f. Completed jobs $ g. Cost of goods sold $ h. Indirect labor $ $ $ $ $ 2. Determine the July 31 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances. Materials: Work in Process: Finished Goods: Factory Overhead: $ $ $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Risk-Based Internal Audit

Authors: Jason Lee Mefford

1st Edition

1631922629, 9781631922626

More Books

Students also viewed these Accounting questions

Question

Distinguish between a priori and a posteriori knowledge.

Answered: 1 week ago

Question

8. How can an interpreter influence the message?

Answered: 1 week ago

Question

Subjective norms, i.e. the norms of the target group

Answered: 1 week ago