General Journal
a. Record the purchase of materials (on credit).
b. Record the direct materials used.
c. Record direct labor used (and paid in cash) and assigned to Work in Process Inventory.
d. Record the indirect materials used and assigned to Factory Overhead.
e. Record the indirect labor used (and paid in cash) and assigned to Factory Overhead.
f. Record the overhead costs applied to Work in Process Inventory.
g. Record the actual other overhead costs incurred. (Factory rent and utilities are paid in cash.)
h. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory.
i. Record the cost of goods sold for Job 306.
j. Record the revenue from the sale of Job 306 received in cash.
k. Record the close underapplied or overapplied overhead to the Cost of Goods Sold account.
Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for Pelcher Company for the month of April. 0 Gross profit Pelcher Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 33,000 24,000 12,000 $ 41,000 20,000 10,000 Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead Status on April 30 139,000 93,000 ? Finished (sold) 226,000 160,000 ? Finished (unsold) $ 102,000 107,600 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $90,000. b. Raw materials purchases in April are $504,000, and total factory payroll cost in April is $385,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $25,000; factory rent, $34,000; factor utilities, $21,000; and factory equipment depreciation, $55,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $640,000 cash in April. Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit General Journal tab - Prepare journal entries to record the transactions of Pelcher Company during the month of April. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Job Costs tab - Calculate the total cost, and account classification for each job worked on during April. Cost of Goods Manufactured tab - Prepare a schedule of cost of goods manufactured for Pelcher Company during the month of April. Gross Profit tab - Calculate the gross profit on the sale of job(s) during April. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Calculate the amount of overhead to be applied to each of the jobs worked on during April. Then, using the drop-downs, indicate which account in the ledger should include the job's costs as of April 30. Job 306 Job 307 Job 308 April Total Beginning Work in Process (March costs) Direct materials $ $ Direct labor Overhead applied Total Beginning Work in Process inventory Costs added in April Direct materials 33,000 24,000 12,000 69,000 41,000 20,000 10,000 71,000 $ 140,000 $ 139,000 $ 93,000 226,000 160,000 102,000 107,000 467,000 360,000 Direct labor Overhead applied Total costs added in April Total cost of jobs At the end of April, indicate which account should include each job's costs. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods MfG Gross Profit Prepare a schedule of cost of goods manufactured for Pelcher Company for the month of April. PELCHER COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs added during April Total cost of work in process
