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Compute the total cost of Jobs 201 and 202 at the end of January. Total Cost of Job Job Number 201 202 19 Bal. 72,200
Compute the total cost of Jobs 201 and 202 at the end of January. Total Cost of Job Job Number 201 202 19 Bal. 72,200 Bal. 0 Manufacturing Overhead Sales Revenue 1/1 1/1 6,000 13,851 (d) 51,200 (g) (b) (c) 5,300 (e) 11,300 Bal. 51,200 Bal. 8,749 Miscellaneous Accounts (Cash, Payables, etc.) 1/1 (g) 51,200 18,000 (c) 11,300 (e) Required 1 Required 2 Required 3 Post the preceding transactions to T-accounts. (Note: Capture the offsetting of debits and credits to other accounts such as Cash, Payables, Accumulated Depreciation, and so on in Miscellaneous Accounts.) Raw Materials Inventory 39,000 Work in Process Inventory 22,500 1/1 1/1 (a) (b) (b) (c) Bal. 39,000 (d) Bal. 22,500 Cost of Goods Sold 1/1 Finished Goods Inventory 21,000 51,200 1/1 (f) (9) Bal. 72,200 Bal. 0 Manufacturing Overhead Sales Revenue 1/1 1/1 13,851 (d) 51,200 (9) (b) (c) 6,000 5,300 (e) 11,300 Bal. 51,200 Factory utilities Factory insurance 2,500 2,700 $11,300 Incurred but not paid Prepaid policy (f) Completed Job 201 and transferred it to Finished Goods Inventory. (g) Sold Job 200 for $51,200. Job 202 was still in process at the end of January. Required: 1. Post the preceding transactions to T-accounts. (Note: Capture the offsetting of debits and credits to other accounts such as Cash, Payables, Accumulated Depreciation, and so on in Miscellaneous Accounts.) 2. Compute the ending balance in the following accounts: a. Raw Materials Inventory. b. Work in Process Inventory. c. Finished Goods Inventory. d. Cost of Goods Sold (unadjusted). e. Manufacturing Overhead (Specify if overhead is overapplied or underapplied). 3. Compute the total cost of Jobs 201 and 202 at the end of January. E2-20 (Algo) Recording Manufacturing Costs [LO 2-3, 2-4, 2-5) Reyes Manufacturing Company uses a job order cost system. At the beginning of January, the company had one job in process (Job 201) and one job completed but not yet sold (Job 200). Job 202 was started during January. Other select account balances follow (ignore any accounts that are not listed). During January, the company had the following transactions: (a) Purchased $68,000 worth of materials on account. (b) Recorded materials issued to production as follows: Job Number 201 202 Indirect materials Total Cost $ 11,800 20,900 6,000 $ 38,700 (c) Recorded factory payroll costs from direct labor time tickets that revealed the following: Job Number 201 202 Factory supervision Hours 120 393 Total Cost $ 2,600 10,100 5,300 $ 18,000 (d) Applied overhead to production at a rate of $27.00 per direct labor hour for 513 actual direct labor hours. (e) Recorded the following actual manufacturing overhead costs: Item Factory rent Depreciation Factory utilities Factory insurance Total Cost $ 3,000 3,100 2,500 2.700 Description Paid in cash Factory equipment Incurred but not paid Prepaid poliev
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