Chapter 17: Job Order Costing
nalyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle baards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June June 1 Balance 82,300 June 30 330, Purchases June 30 Work in Proces B) June 31 June 1 June 30 June 30 June Balance Direct labor 30 Factory overhead applied Finished Goods June 1 Balance Cost of goods sold une 30 Completed jobs June 30 Wages Payable une 30 Wages incurred 330,000 Factory Overhead une 1 June 30 June 30 June 30 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in June: Balance Indirect labor Indirect materials Other overhead June 30 Factory overhead applied 237,5 ob No. Style Quantity Direct Materials Direct Labor 201 T100 550 $55,000 $41,250 Check Hy Work Previous Next Wi In addition, the following information is available a. Materials and direct labor were applied to six jobs in June: Job 201 202 No. Style Quantity Direct Materials Direct Labor T100 T200 T400 550 $55,000 93,500 38,500 82,500 60,000 22,000 $351,500 $41,250 1,100 22,000 69,300 48,000 12,400 $264,450 b. Factory overhead is applied to each job at a rate of 140% of direct labor cost. 550 204 T300 206 S100 380 3,720 C. The June 1 Work in Process balance consisted of two jobs, as follows: Work in Process, Job No. Style june 1 $16,500 44,000 $60,500 Job 201 T100 Job 202 T200 d. Customer jobs completed and units sold in June were as follows: Completed in june Units Sold in june ob No. Style T100 T200 T400 5200 T300 S100 201 202 880 204 570 420 205 Required: 1. Determine the missing amounts associated with each letter by completing the table below. If an answer is zero, enter in "O". Enter all amounts as positive numbers. June 1 Work in Job No. Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold tity Required: 1. Determine the missing amounts associated with each letter by completing the table below. If an answer is zero, enter in "O". Enter all amounts as positive numbers. June 1 Work in Process Quan- tity Job No. Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold No. 201 No. 202 No. 203 No. 204 No. 205 No. 206 Total 550 1,100 550 660 480 380 3,720 16,500 55,000 93,500 38,500 82,500 60,000 22,000 $351,500 $41,250 71,500 22,000 69,300 48,000 12,400 $264,450 44,000 v 60,500 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 June 30 balances for each of the inventory accounts and factory overhead. Materials Work in Process Finished Goods Factory Overhead
