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Davis Corporation manufactures and sells widgets to both residential and business customers: Below is the January 1, 2016 Trial Balance for Davis Corporation Davis Corporation
Davis Corporation manufactures and sells widgets to both residential and business customers:
Below is the January 1, 2016 Trial Balance for Davis Corporation
Davis Corporation | ||
Trial Balance | ||
As of January 1, 2016 | ||
Account Name | DR. | CR. |
Cash | $400,000 | - |
Accounts receivables | 100,000 | - |
Prepaid insurance | 30,000 | - |
Raw materials inventory | 100,000 | - |
Work In Process inventory | 140,000 | - |
Finished Goods Inventory | 30,000 | |
Accounts payables | - | $250,000 |
Capital Stock | - | $350,000 |
Retained Earnings | - | $200,00 |
TOTAL: | $800,000 | $800,000 |
Schedule of jobs in Work In Process Inventory as of 01/01/2016 and the related costs associated with each job by cost type | ||||||
Job Number | Direct Materials | Direct Labor | Overhead | Total | Job Status | |
3 | $5,000 | $2,000 | $3,000 | $10,000 | In production | |
4 | $1,000 | $24,000 | $15,000 | $40,000 | In production | |
5 | $15,000 | $25,000 | $50,000 | $90,000 | In production | |
Total amount in Work In Process Inventory as of 01/01/2016: | $140,000 | - |
Schedule of jobs in Finished Goods Inventory as of 01/01/2016 and the related costs associated with each job by cost type | |||||
Job Number | Direct Materials | Direct Labor | Overhead | Total | Job Status |
1 | $3,000 | $2,000 | $1,000 | $6,000 | Waiting for customer to purchase |
2 | $8,000 | $2,000 | $14,000 | $24,000 | Waiting for customer to purchase |
Total amount in Finished Goods Inventory as of 01/01/2016: | $30,000 | - |
Davis Corporation | ||
Trial Balance | ||
As of December 31, 2016 | ||
Account Name | DR. | CR. |
Cash | $300,000 | - |
Accounts receivables | 600,000 | - |
Prepaid insurance | 20,000 | - |
Raw materials inventory | 80,000 | - |
Work in process inventory | 200,000 | - |
Finished goods inventory | 20,000 | - |
Accounts payables | - | $150,000 |
Capital Stock | - | 350,000 |
Retained Earnings | - | 200,000 |
Revenue | - | $1,300,000 |
Raw Materials purchased | 200,000 | - |
Cost of Goods Sold | 570,000 | - |
General and Administrative expenses | 10,000 | |
TOTAL | $2,000,000 | $2,000,000 |
Schedule of all Jobs that incurred costs and the related amount of costs incurred during 2016 | ||||||
Job Number | Revenue | Direct Materials | Direct Labor | Overhead | Total Cost | Job Status |
1 | $100,000 | $3,000 | $2,000 | $1,000 | $6,000 | Shipped and billed |
2 | $200,000 | $8,000 | $2,000 | $14,000 | $24,000 | Shipped and billed |
3 | $700,000 | $50,000 | $100,000 | $10,000 | $160,000 | Shipped and billed |
4 | $200,000 | $39,000 | $121,000 | $20,000 | $180,000 | Shipped and billed |
5 | $100,000 | $10,000 | $150,000 | $50,000 | $210,000 | Shipped and billed |
6 | NONE | $10,000 | - | - | $10,000 | Finished Goods inventory / waiting to be shipped |
7 | NONE | $10,000 | $90,000 | $100,000 | $200,000 | Work in Process inventory |
$1,300,000 | $130,000 | $465,000 | $195,000 |
Based on the data shown above, Calculate the amount of Raw Materials used in production in 2016:
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