Fig, Inc. uses a job order costing system. On September 1, 20X8, the company had the attached account balances.

Work in Process Inventory is the control account for the job cost subsidiary ledger. On September 1, there were three jobs in the job cost ledger with the attached balances.

Also attached are transactions that occurred during the month of September.

(1) Using the attached forms, prepare T accounts for the following general ledger accounts.

Direct Materials Inventory

Work in Process Inventory

Finished Goods Inventory

Cost of Goods Inventory

Manufacturing Overhead Control

In addition, prepare T accounts for each of the jobs that the company worked on during the period. Post the attached transactions to the appropriate general ledger and jobs T accounts. Use the letter of the transaction to indicate the source of your entry.

(2) Calculate the over- or underapplied manufacturing overhead for the month of September. Dispose of this amount in the appropriate manner, assuming that the amount is considered significant. Show all supporting calculations and the appropriate entry in the T accounts. Round all percentages for your calculations to two decimal places (four decimal places in all) and the dollar calculations to the nearest whole dollar.

Problem 2 (30 points). Fig, Inc. uses a job order costing system. On September 1. 20X8, the company had the attached account balances. Work in Process Inventory is the control account for the job cost subsidiary ledger. On September 1. there were three jobs in the job cost ledger with the attached balances. Also attached are transactions that occurred during the month of September. REQUIRED: (1) Using the attached forms, prepare T accounts for the following general ledger accounts. In addition, prepare T accounts for each of the jobs that the company worked on during the period. Post the attached transactions to the appropriate general ledger and jobs T accounts. Use the letter of the transaction to indicate the source of your entry. (2) Calculate the over-or underapplied manufacturing overhead for the month of September. Dispose of this amount in the appropriate manner, assuming that the amount is considered significant. Show all supporting calculations and the appropriate entry in the T accounts. Round all percentages for your calculations to two decimal places (four decimal places in all) and the dollar calculations to the nearest whole dollar. FIG, INC. LIST OF TRANSACTIONS FOR MANUFACTURING OPERATIONS FOR MONTH OF SEPTEMBER FIG, INC. LIST OF TRANSACTIONS FOR MANUFACTURING OPERATIONS (CONTINUED) FOR MONTH OF SEPTEMBER (13) The company applied manufacturing overhead to jobs for the current payroll period. FIG, INC. JOB COST RECORDS FOR JOB ORDER COSTING FOR MONTH OF SEPTEMBER 20X8 MOH=62,025 Problem 2 (30 points). Fig, Inc. uses a job order costing system. On September 1. 20X8, the company had the attached account balances. Work in Process Inventory is the control account for the job cost subsidiary ledger. On September 1. there were three jobs in the job cost ledger with the attached balances. Also attached are transactions that occurred during the month of September. REQUIRED: (1) Using the attached forms, prepare T accounts for the following general ledger accounts. In addition, prepare T accounts for each of the jobs that the company worked on during the period. Post the attached transactions to the appropriate general ledger and jobs T accounts. Use the letter of the transaction to indicate the source of your entry. (2) Calculate the over-or underapplied manufacturing overhead for the month of September. Dispose of this amount in the appropriate manner, assuming that the amount is considered significant. Show all supporting calculations and the appropriate entry in the T accounts. Round all percentages for your calculations to two decimal places (four decimal places in all) and the dollar calculations to the nearest whole dollar. FIG, INC. LIST OF TRANSACTIONS FOR MANUFACTURING OPERATIONS FOR MONTH OF SEPTEMBER FIG, INC. LIST OF TRANSACTIONS FOR MANUFACTURING OPERATIONS (CONTINUED) FOR MONTH OF SEPTEMBER (13) The company applied manufacturing overhead to jobs for the current payroll period. FIG, INC. JOB COST RECORDS FOR JOB ORDER COSTING FOR MONTH OF SEPTEMBER 20X8 MOH=62,025