Chapter $15$

Flows of Manufacturing Worksheet

The following information is available for Small Company, which produces custom mopeds and uses a job order cost accounting system.

$\backslash$table$[[,\backslash$table$[[$Beginning$],[$March $31]],\backslash$table$[[$Ending$],[$April $30]]],[$Inventories$,,],[$Raw Materials,$75,000,84,000],[$Work in Process,$42,200,53,300],[$Finished Goods,$95,000,67,600],[$Activities and information for March,,$],[$Raw Materials purchases $($paid in cash$),242,000,],[$Factory payroll $($paid in cash$),367,000,],[$Factory overhead,$47,000,],[,$ Indirect materials,$102,000,],[$Indirect labor,$152,000,],[$Other overhead costs $($paid in cash$),1,700,000,],[$Sales $($received in cash$),70\%,],[$Predetermined overhead rate based on direct labor costs,,$]]$

Part A: Compute the following amounts for the month of April. Show your work and label so I can find it easily! START ON A CLEAN PAGE!

Cost of direct materials used

Cost of direct labor used

Cost of goods manufactured

Cost of goods sold $($ignore under or over applied overhead at this stage$)$

Gross profit

Overapplied or underapplied overhead

Part B:

Use the work you have completed above to make journal entries for the following events in April.

Raw materials purchases

Direct materials usage

Indirect materials usage

Direct labor usage

Indirect labor usage

Payment of factory payroll

Purchase of other factory overhead for cash, excluding indirect materials and indirect labor

Application of total factory overhead to Work in Process

Allocate overapplied or underapplied overhead to Cost of Goods Sold.