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Can I recieve help on this? Swifty Corp.designs and manufactures mascot uniforms for high school.college, and professional sports teams. Since each team's uniform is unique
Can I recieve help on this?
Swifty Corp.designs and manufactures mascot uniforms for high school.college, and professional sports teams. Since each team's uniform is unique in color and design, Swifty uses a job order costing system on January 1, the accounts for some of Swifty's primary balance sheet accounts were as follows: Raw Materials Inventory 59.900 Work in Process Inventory 11 24.000 1/1 Finished Goods Inventory 34,600 Cash 37.200 1/1 1/1 Accounts Receivable 47.300 Accounts Payable 1/1 1/1 41.900 During the year, the following events occurred: 1. 2. 3. 4. Swifty purchased raw materials costing $112.000 on account Swifty used $149,300 of raw materials in production of these, 80% were classified as direct materials and 20% as indirect materials. (Swifty maintains a single Raw Materials inventory account.) Swifty used 31,500 hours of direct labor. The company's average direct labor rate was $11 per hour credit Wages Payable) The company's indirect labor cost was $168,000 (credit Wages Payable). Other manufacturing overhead costs the company incurred on account totaled $98.400 Swifty applied $316,800 in manufacturing overhead. The company completed production of goods costing $795,400 The company's Cost of Goods Sold balance was $801,300 before adjusting for over- or underapplied overhead Sales revenue was $1,060,000 (all sales were made on account) 5. 6. 7. 8. 9. During the year, the following events occurred: 1. 4. 5 Swifty purchased raw materials costing $112,000 on account. 2 Swifty used $149.300 of raw materials in production of these, 80% were classified as direct materials and 20% as indirect materials. (Swifty maintains a single Raw Materials Inventory account.) 3. Swifty used 31,500 hours of direct labor. The company's average direct labor rate was $11 per hour (credit Wages Payable), The company's indirect labor cost was $168.000 (credit Wages Payable). Other manufacturing overhead costs the company incurred on account totaled $98,400, Swifty applied $316,800 in manufacturing overhead. The company completed production of goods costing $795,400. The company's Cost of Goods Sold balance was $801.300 before adjusting for over or underapplied overhead. Sales revenue was $1,060,000 (all sales were made on account). 10. Swifty collected $803.200 from customers. 11. The company paid accounts payable of $201.300. 12. At year-end, all wages earned during the year had been paid. 6. 7. 8. 9. (a) Record the transactions above in the appropriate Taccounts and calculate ending balances. (Post entries in order presented in the problem.) Raw Materials Bal 59900 149300 112000 Record the transactions above in the appropriate T-accounts and calculate ending balances. (Post entries in order presented in the problem.) Raw Materials Ball 59900 149300 112000 Work in Process Inventory Bal 24000 > > > > > > > > Finished Goods Inventory Cost of Goods Sold Cost of Goods Sold Manufacturing Overhead Cash > > > > Accounts Receivable Accounts Payable Accounts Receivable Accounts Payable > > > > Wages Payable Sales Revenue > >Step by Step Solution
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