E B D Jan 1) Various Violins, Inc. purchased $20,000 worth of raw materials on account. $18,000 of these materials are direct materials and the remainder are indirect. Record 1 the journal entry to recognize this purchase. 2 3 4 5 6 Jan 31) Record the journal entry to account for raw materials requisitioned to jobs during January. Use a separate subsidiary account for each individual job. In addition to the direct materials requisitioned, $400 worth of indirect materials were used across 7 all jobs. 8 9 10 11 12 13 14 15 Jan 31) Record the journal entry to account for the labor costs of jobs during January Use a separate subsidiary account for each individual job. In addition to the costs of direct labor, Various Violins spent $200 on indirect labor during the period. All of these 16 wages were paid in cash. 17 18 Job Cost Records Journal Entries T-accounts COGM Income Statement Ready Jan 31) Record the journal entry to account for the labor costs of jobs during January. Use a separate subsidiary account for each individual job. In addition to the costs of direct labor, Various Violins spent $200 on indirect labor during the period. All of these 16 wages were paid in cash. 17 18 19 20 21 22 23 24 Jan 31) Record the journal entry to account for the allocation of overhead to all jobs using the standard rate of 60% of direct labor costs. Use separate subsidiary accounts 25 for each job. 26 27 28 29 30 31 32 B C D Jan 31) Various Violins, Inc. completed jobs #1 and #2 during the month. Job #3 is still 33 in process. 34 35 36 37 38 39 Jan 31) During the month, Various Violins sold the goods manufactured in job #1 for for 40 $4,000. These sales were on account, 41 42 43 44 45 46 47 48 49 A B C D 48 49 Jan 31) Various Violins had the following actual overhead costs during January: an accumulated depreciation expense of $150, rent expense of $1,000, and a utilities 50 expense of $250. The rent and utilities were paid in cash 51 52 53 54 55 56 Jan 31) Various Violins, Inc. adjusted for the under/over allocation of manufacturing overhead during the month of January. The company elects to use the write off to 57 COGS method for adjusting allocated overhead. 58 59 60 61 62 63 64 65 66 B D G H K Raw Materials Inventory Manufacturing Overhead WIP Inventory Job 1 WIP Inventory Job 2 WIP Inventory Job 3 Cost of Goods Sold Finished Goods Inventory Sales Revenue B D Using the information from the journal entries and job cost records, prepare Various Violins, Inc.'s schedule 1 of cost of goods manufactured for the month of January. 2. 3 Various Violins, Inc. 4 Schedule of Cost of Goods Manufactured 5 Month Ended January 31, 20XX 6 Beginning Work-in-Process Inventory 7 Direct Materials Used: 8 Beginning Direct Materials 9 Purchases of Direct Materials 10 Direct Materials Available for Use 11 Ending Direct Materials 12 Direct Materials Used 13 Direct Labor 14 Manufacturing Overhead Allocated 15 Total Manufacturing Costs incurred during the Year 16 Total Manufacturing Costs to Account for 17 Ending Work-in-Process Inventory 18 Cost of Goods Manufactured 19 20 21 22 23 24 B B C D 2 Using the journal entries, t-accounts, job cost records, and schedule of cost of goods manufactured that you previously prepared, create Various Violins, Inc.'s income statement for the month of January. While preparing this statement, assume that the company had total selling and administrative expenses of $1,500, interest revenue of $100, and an income tax expense equal to 20% of the company's income 1 before income taxes. 2 3 Various Violins, Inc. 4 Income Statement 5 Month Ended January 31, 2017 6 7. Net Sales Revenue 8 Cost of Goods Sold: 9 Beginning Finished Goods 10 Cost of Goods Manufactured 11 Cost of Goods Available for Sale 12 Ending Finished Goods Inventory 13 Cost of Goods Sold before Adjustment 14 Adjustment for underallocated overhead 15 Cost of Goods Sold 16 Gross Profit 17 Total Selling and Administrative Expense 18 Operating Income 19 Other Revenues and Gains: 20 Interest Revenue 21 Income before Income Taxes 22 Income Tax Expense 23 Net Income 24 Job #1 JG C Way View which Die Marting Over Due Date 00 C Dreat airs Direct Manufacturing and Tort ut Cont Job #2 Red Cum Credo Job Description_Production of DLO Labormed And Dell Det Dulle Am Regulation Amount 201 Commary Det er Direct Labour Melecting the Tot Com . 1160 Job #3 Coat Recor Cw - Der Det er DirectLab TA Date Marting Overse Rete Am 11 Couny Det er De Wartung Overhead 1600 To Com . E B D Jan 1) Various Violins, Inc. purchased $20,000 worth of raw materials on account. $18,000 of these materials are direct materials and the remainder are indirect. Record 1 the journal entry to recognize this purchase. 2 3 4 5 6 Jan 31) Record the journal entry to account for raw materials requisitioned to jobs during January. Use a separate subsidiary account for each individual job. In addition to the direct materials requisitioned, $400 worth of indirect materials were used across 7 all jobs. 8 9 10 11 12 13 14 15 Jan 31) Record the journal entry to account for the labor costs of jobs during January Use a separate subsidiary account for each individual job. In addition to the costs of direct labor, Various Violins spent $200 on indirect labor during the period. All of these 16 wages were paid in cash. 17 18 Job Cost Records Journal Entries T-accounts COGM Income Statement Ready Jan 31) Record the journal entry to account for the labor costs of jobs during January. Use a separate subsidiary account for each individual job. In addition to the costs of direct labor, Various Violins spent $200 on indirect labor during the period. All of these 16 wages were paid in cash. 17 18 19 20 21 22 23 24 Jan 31) Record the journal entry to account for the allocation of overhead to all jobs using the standard rate of 60% of direct labor costs. Use separate subsidiary accounts 25 for each job. 26 27 28 29 30 31 32 B C D Jan 31) Various Violins, Inc. completed jobs #1 and #2 during the month. Job #3 is still 33 in process. 34 35 36 37 38 39 Jan 31) During the month, Various Violins sold the goods manufactured in job #1 for for 40 $4,000. These sales were on account, 41 42 43 44 45 46 47 48 49 A B C D 48 49 Jan 31) Various Violins had the following actual overhead costs during January: an accumulated depreciation expense of $150, rent expense of $1,000, and a utilities 50 expense of $250. The rent and utilities were paid in cash 51 52 53 54 55 56 Jan 31) Various Violins, Inc. adjusted for the under/over allocation of manufacturing overhead during the month of January. The company elects to use the write off to 57 COGS method for adjusting allocated overhead. 58 59 60 61 62 63 64 65 66 B D G H K Raw Materials Inventory Manufacturing Overhead WIP Inventory Job 1 WIP Inventory Job 2 WIP Inventory Job 3 Cost of Goods Sold Finished Goods Inventory Sales Revenue B D Using the information from the journal entries and job cost records, prepare Various Violins, Inc.'s schedule 1 of cost of goods manufactured for the month of January. 2. 3 Various Violins, Inc. 4 Schedule of Cost of Goods Manufactured 5 Month Ended January 31, 20XX 6 Beginning Work-in-Process Inventory 7 Direct Materials Used: 8 Beginning Direct Materials 9 Purchases of Direct Materials 10 Direct Materials Available for Use 11 Ending Direct Materials 12 Direct Materials Used 13 Direct Labor 14 Manufacturing Overhead Allocated 15 Total Manufacturing Costs incurred during the Year 16 Total Manufacturing Costs to Account for 17 Ending Work-in-Process Inventory 18 Cost of Goods Manufactured 19 20 21 22 23 24 B B C D 2 Using the journal entries, t-accounts, job cost records, and schedule of cost of goods manufactured that you previously prepared, create Various Violins, Inc.'s income statement for the month of January. While preparing this statement, assume that the company had total selling and administrative expenses of $1,500, interest revenue of $100, and an income tax expense equal to 20% of the company's income 1 before income taxes. 2 3 Various Violins, Inc. 4 Income Statement 5 Month Ended January 31, 2017 6 7. Net Sales Revenue 8 Cost of Goods Sold: 9 Beginning Finished Goods 10 Cost of Goods Manufactured 11 Cost of Goods Available for Sale 12 Ending Finished Goods Inventory 13 Cost of Goods Sold before Adjustment 14 Adjustment for underallocated overhead 15 Cost of Goods Sold 16 Gross Profit 17 Total Selling and Administrative Expense 18 Operating Income 19 Other Revenues and Gains: 20 Interest Revenue 21 Income before Income Taxes 22 Income Tax Expense 23 Net Income 24 Job #1 JG C Way View which Die Marting Over Due Date 00 C Dreat airs Direct Manufacturing and Tort ut Cont Job #2 Red Cum Credo Job Description_Production of DLO Labormed And Dell Det Dulle Am Regulation Amount 201 Commary Det er Direct Labour Melecting the Tot Com . 1160 Job #3 Coat Recor Cw - Der Det er DirectLab TA Date Marting Overse Rete Am 11 Couny Det er De Wartung Overhead 1600 To Com