Chrome Solutions Company Post-Closing Trial Balance September 30, 2016 Cash Accounts Receivable.. $ 22,500 21,700 8.750 3,600 15,000 4,320 64,000 w..AMROHPMPRGR Prepaid Insurance.... Accum. Depr.- Factory Building Machinery and Equipment38,000 Accum. Depr.-Machinery and Equipment.... Office Equipment $ 22,500 4 16,000 10,500 7,500 2,500 3,120 364 1404 5,200 75,000 Employees Income Tax Payable ...........----4...... Capital Stock.. Retained Earnings..R 54.782 $188,370 $188,370 1. The balance of the materials account represents the following Materials A. B. Units Unit Cost Tota $25 3,000 4,800 5,400 1.800 $15,000 120 320 180 15 30 The company uses the FIFO method of accounting for all inventories. Material A is used in the Stamping Department, and materials B and C are used in the Plating Department 2. The balance of the work in process account represents the following costs that are applicable to Job 905. (The customer's order is for 1,000 units of the firished product.) Direct materials Direct labor...1.200 Factory overhoad. 1,500 $360 3. The finished goods account reflects the cost of Job 80 4. At the beginning of the year, factory overhead application rates were based on the following data: , which was finished at the end of the preceding month and is awaiting delivery orders from the customer. Stamping Plating Dept Dept. Estimated factory overhead for the year..$145,000 $115,000 Estimated direct labor hours for the year....... 9,000 6,000 In October, the following transactions were recorded a. Purchased the following materials and supplies on account Material A Material B... Material C... 1,100 units $26 900 units $17 800 unts $28 $3.200 b. The following materials were issued to the factory Job 905 Job 1001 00 units 400 units 400 units200uns Job 1002 Material A Material B Material C.200 units 400 units Customers orders covered by 3obs 1001 and 1002 are for 1,000 and 500 uets of freshed product, respedtively tres. Uesementes of 4% m11%, repectively, and that fone of the ersparees had reacted the $8,000 limt) Rmrd the pyrof drtrbuto, fr o c. Factory wages and office, sales, and acminstrative salanes are paud at the end of esch morth. Asse FICA and redend inere tax roes of and %escetvels ] Recold Ohe corpans labey for stae and federnf unemplaymen Stamping Dept. Plating Dept hr@$9300 hr @S" Job SCS.." ob 1001.1200 hr se 300 re $11 wages of the spervisors, osted. Sorre etc. totaled ,500; adrnstrere salves uere s aoo. 4. Mscdlaneous factory overtead incurred during Octsber totasled $4,230. Macolnesus seting and adminsrative expenses were s1,500 These tems as wet as the FICA Uax and rederal tecorne tax wthheld for Septerber were paid (See ccout batances on the post-dosing trial balance for Septenber 30) once equ.me..20% Summary of Factory Overhead for October Transaction Account Stamping Plating Power Maintenance Total a. Factory sugohes S94000 %75000 s20000 ssoooo s245000 3500.00 4550.00 4230.00 45.70 2.548.401,229.026.10 d. Miscellaneous u8200 1.41000 75200 90.00 Payroll x Insurance The tonal expenses of the Mointenance Department are detritted on the bass of loor space scoed by towr opartment expenses are then sooeeqly to the Staming and Plating deartments bepaten(8 820,Stmi eartmen(19,500 s d Pluting Department (,825 The r h. Overapped Overhend 306s 905 and 1001 were fewshed duning the month, 3b 1002 roess ot the end of the month Duning te month Jots 803 and 905 were sold with a mark-on prcentage of 5on L Receved 55,500 from customers ament of their accounts of $43,706 for peyment of the pyrol m Cheds were ed in the u Required: 6. Prepare a service department expense distribution worksheet for October. Round amounts to the nearest Service Department Expense Distribution Work Sheet For the Month Ended October 31, 2016 Plating Total Stamping Maintenance Power Description Direct costs Maintenance-Distribution $.0886227 per adj. sq. ft Power-$8,820 sq.ft Stamping-$19,500 sq. ft Plating-$7,875 sq.ft Power-Distribution basis arbitrary Stamping-50% Plating-50% Total 7a. At the end of the month, analyze the ballance in the materials account, the work in process account, and the finished goods account Balance Materials account Work in process account Finished goods account 7b. At the end of the month, prepare the statement of cost of goods manufactured for October 31. Chrome Solutions Company Statement of Cost of Goods Manufactured For the Month Ended October 31,2016 Direct Materials: Total