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.
Ches Richards Company shows the following costs for three jobs worked on in April. Job 306 Job 387 Job 388 $ 32,600 23,600 11,800 Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead $ 40,480 19,800 9,900 225, 400 159,808 138,680 92,200 ? Finished (sold) $ 101,800 186,800 ? Status on April 3e Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $503,600, and total factory payroll cost in April is $382,800. c. Actual overhead costs incurred in April are indirect materials, $51,800; indirect labor, $24,800; factory rent, $33,800; factory $20,800; and factory equipment depreciation, $54,600. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $630,000 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 Prepare journal entries for the month of April's transactions. View transaction list Check m Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit General Ledger Account Cash Accounts receivable, net No. Debit Credit No. Debit Credit Date March 31 Balance 486,000 Date March 31 Balance 216,000 Raw materials inventory Work in process inventory Debit Credit No. Debit Credit No. Date March 31 Balance 89,000 Date March 31 Balance 138,100 Factory Equipment Accumulated depreciation - Factory equipment No. Date Debit Credit Balance No. Debit Credit Date March 31 Balance 162,000 March 31 519,000 Accounts payable Common stock, $5 par value No. Date Debit Credit No. Debit Balance Credit Balance 48,600 Date March 31 March 31 286,000 Retained earnings No. Paid-in capital in excess of par-Common Date Debit Credit Balance March 31 186,000 No. Debit Credit Date March 31 Balance 765,500 Chec Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Richards Company Trial Balance March 31, 2021 Account Title Debit Credit IS 486,000 216,000 89,000 138,100 519,000 Cash Accounts receivable, net Raw materials inventory Work in process inventory Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock, $5 par value Paid-in capital in excess of par - Common Retained earnings Total 162,000 48,600 286,000 186,000 765,500 1.448,100 IS 1,448,100 $ 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-down which account in the ledger should include the job's costs as of April 30. Job 306 Job 307 Job 308 April Total $ 32,600 S 23,600 11,800 68,000 40,400 19,800 9,900 70,100 $ 138,100 Beginning Work in Process (March costs) Direct materials Direct labor Overhead applied Total Beginning Work in Process inventory Costs added in April Direct materials 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. $ 101,800 138,600 $ 92,200 225,400 159,000 465,800 358,000 106,800 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 Prepare a schedule of cost of goods manufactured for Richards Company for the month of April. RICHARDS COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs added during April Total cost of work in process 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 Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for the month of April. Gross profit
