File Home Insert Draw Page Layout Formulas Data Review Open in Desktop App Search ces F Conversation ... Activity Calibri 12 B A A ... vab General E 27 Ov .. Chat A6 fx 4. At the end of the month, all scrap on hand, including beginning scrap and the scrap created during the month, was sold on account for $0.07 per square foot. 000 CO B Teams 1 2 3 HR Calendar Calls Files A Events 1.1 - Fabricating Department During the month, the following events occurred in the Fabricating Department: 1. On the first of the month, the company purchased on account 2166 sheets of 10' x 32' sheet metal at a cost of $105 per sheet. 4 2. On the fifteenth of the month, the company purchased on account an additional 1602 sheets of 10' x 32' sheet metal at a cost of $103 per sheet. 3. Throughout the month, 3963 sheets were moved from raw materials and put into production. 28 of these sheets were damaged at some point in the production phase and were 5 completely scrapped. Overhead was applied using a predetermined overhead rate. 6 4. At the end of the month, all scrap on hand, including beginning scrap and the scrap created during the month, was sold on account for $0.07 per square foot. 7 5. Depreciation of the Fabricating Department's machinery and equipment was $14878 for the month. 8 6. Indirect labour and benefits for the Fabricating Department amounted to $14364 for the month. Both will be paid on the first of the following month. 7. Production labor and benefits for the Fabricating Department, its only direct labor costs, amounted to $100942 for the month. These will also be paid on the first of the following 9 month. 10 8. Indirect materials including primer and treatment chemicals were purchased on account in the amount of $10434 and were completely used in production. 11 9. Rent for the Fabricating Department's facility was $19142 for the month. This rent was prepaid at the end of the prior month. 10. Payables totaling $46243, the prior month's accrued direct labor cost of $98239, the prior month's accrued indirect labor cost of $21319, and the next month's rent of $19364 were 12 all paid with cash during the month. 11. All work in process inventory was completed and transferred to the three departmental finished goods accounts, 6' x 5' Sheet Metal Inventory, 6' x 6' Sheet Metal Inventory, 4' x 13 16' Sheet Metal Inventory, before month end. 14 12. 3772 sheets of 6' x 6' finished metal were sold on account to an external buyer at a price of $22 per sheet. Cost of sales is accounted for using a weighted average method. 15 13. Receivables totaling $73347 were collected. 16 ... COJ Teams G. Write the double-sided journal entries for events 1-13. Use only accounts provided in the scenario (see Table 1). Post these entries to the included T-accounts, being sure to include any beginning balances in the T-account. DR CR 1 Calendar 2 3 $ 227,430.00 Event 1 4 Calls $ 227,430.00 5 10' x 32' Sheet Metal Inventory Account Payable 10' x 32 Sheet Metal Inventory Account Payable 165,006.00 $ Event 2 6 $ 165,006.00 Files 7 8 Event 3 ... 9 10' x 32' Sheet Metal Inventory Overhead Control Account - Fabrication Department Accounts Receivable Other Income - Scrap Accumulated Depreciation - Fabrication Department 10 11 12 Event 4 13 14 Event 5 15 16 Event 6 17 18 Event 7 19 20 Event 8 21 22 Event 9 Apps 23 24 Event 10 25 Help Account Payable Accrued Payroll Data Tables 2-10 Required Events Table 1 1.1 1.1 G 1.2 1.2 E 1.3 1.3 B T-Accounts + 5 > = O Calculation Mode: Automatic Workbook Statistics Teams 21 22 Event 9 23 24 Event 10 25 Calendar B Account Payable Accrued Payroll Accrued Payroll Prepaid Rent 26 Calls 27 28 Files 29 Event 11 30 31 6' x 5' Sheet Metal Inventory. 4' x 16' Sheet Metal Inventory 6' x 6' Sheet Metal Inventory ... 32 33 Event 12 34 35 36 Revenue - 6' x 6' Sheets Cost of Sales - 6' x 6' Sheet Metal * 37 Event 13 38 39 40 Quantity Unit Cost Total 41 42 * Calculations (required within Event 12) 6' x 6' Sheet Metal Opening Balance Production Total 43 44 Apps 45 ? 46 Help 47 File Home Insert Draw Page Layout Formulas Data Review Open in Desktop App Search ces F Conversation ... Activity Calibri 12 B A A ... vab General E 27 Ov .. Chat A6 fx 4. At the end of the month, all scrap on hand, including beginning scrap and the scrap created during the month, was sold on account for $0.07 per square foot. 000 CO B Teams 1 2 3 HR Calendar Calls Files A Events 1.1 - Fabricating Department During the month, the following events occurred in the Fabricating Department: 1. On the first of the month, the company purchased on account 2166 sheets of 10' x 32' sheet metal at a cost of $105 per sheet. 4 2. On the fifteenth of the month, the company purchased on account an additional 1602 sheets of 10' x 32' sheet metal at a cost of $103 per sheet. 3. Throughout the month, 3963 sheets were moved from raw materials and put into production. 28 of these sheets were damaged at some point in the production phase and were 5 completely scrapped. Overhead was applied using a predetermined overhead rate. 6 4. At the end of the month, all scrap on hand, including beginning scrap and the scrap created during the month, was sold on account for $0.07 per square foot. 7 5. Depreciation of the Fabricating Department's machinery and equipment was $14878 for the month. 8 6. Indirect labour and benefits for the Fabricating Department amounted to $14364 for the month. Both will be paid on the first of the following month. 7. Production labor and benefits for the Fabricating Department, its only direct labor costs, amounted to $100942 for the month. These will also be paid on the first of the following 9 month. 10 8. Indirect materials including primer and treatment chemicals were purchased on account in the amount of $10434 and were completely used in production. 11 9. Rent for the Fabricating Department's facility was $19142 for the month. This rent was prepaid at the end of the prior month. 10. Payables totaling $46243, the prior month's accrued direct labor cost of $98239, the prior month's accrued indirect labor cost of $21319, and the next month's rent of $19364 were 12 all paid with cash during the month. 11. All work in process inventory was completed and transferred to the three departmental finished goods accounts, 6' x 5' Sheet Metal Inventory, 6' x 6' Sheet Metal Inventory, 4' x 13 16' Sheet Metal Inventory, before month end. 14 12. 3772 sheets of 6' x 6' finished metal were sold on account to an external buyer at a price of $22 per sheet. Cost of sales is accounted for using a weighted average method. 15 13. Receivables totaling $73347 were collected. 16 ... COJ Teams G. Write the double-sided journal entries for events 1-13. Use only accounts provided in the scenario (see Table 1). Post these entries to the included T-accounts, being sure to include any beginning balances in the T-account. DR CR 1 Calendar 2 3 $ 227,430.00 Event 1 4 Calls $ 227,430.00 5 10' x 32' Sheet Metal Inventory Account Payable 10' x 32 Sheet Metal Inventory Account Payable 165,006.00 $ Event 2 6 $ 165,006.00 Files 7 8 Event 3 ... 9 10' x 32' Sheet Metal Inventory Overhead Control Account - Fabrication Department Accounts Receivable Other Income - Scrap Accumulated Depreciation - Fabrication Department 10 11 12 Event 4 13 14 Event 5 15 16 Event 6 17 18 Event 7 19 20 Event 8 21 22 Event 9 Apps 23 24 Event 10 25 Help Account Payable Accrued Payroll Data Tables 2-10 Required Events Table 1 1.1 1.1 G 1.2 1.2 E 1.3 1.3 B T-Accounts + 5 > = O Calculation Mode: Automatic Workbook Statistics Teams 21 22 Event 9 23 24 Event 10 25 Calendar B Account Payable Accrued Payroll Accrued Payroll Prepaid Rent 26 Calls 27 28 Files 29 Event 11 30 31 6' x 5' Sheet Metal Inventory. 4' x 16' Sheet Metal Inventory 6' x 6' Sheet Metal Inventory ... 32 33 Event 12 34 35 36 Revenue - 6' x 6' Sheets Cost of Sales - 6' x 6' Sheet Metal * 37 Event 13 38 39 40 Quantity Unit Cost Total 41 42 * Calculations (required within Event 12) 6' x 6' Sheet Metal Opening Balance Production Total 43 44 Apps 45 ? 46 Help 47