Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Ryan Company shows the following costs for three jobs worked on in April.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Ryan Company shows the following costs for three jobs worked on in April. Additional Information a. Raw Materials Inventory has a March 31 balance of $84,000. b. Raw materials purchases in April are $501,600, and total factory payroll cost in April is $371,800. c. Actual overhead costs incurred in April are indirect materials, $50,800; indirect labor, $23,800; factory rent, $32,800; factory utilities, $19,800; and factory equipment depreciation, $52,600. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $610,000 cash in April. Prepare journal entries for the month of April's transactions. a. Record the purchase of materials (on credit). b. Record the direct materials used. c. Record direct labor used (and paig.jn 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 Inventorv. 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. 10j. Record the revenue from the sale of Job 306 received in cash. 11 k. Record the close underapplied or overapplied overhead to the Cost of Goods Sold account. Calculate the amount of overhead to be applied to each of the jobs worked on during April. Then, using the drop-downs, in which account in the ledger should include the job's costs as of April 30. Prepare a schedule of cost of goods manufactured for Ryan Company for the month of April. Complete this question by entering your answers in the tabs below. Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for Ryan Company for the month of April

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting concepts and applications

Authors: Albrecht Stice, Stice Swain

11th Edition

978-0538750196, 538745487, 538750197, 978-0538745482

Students also viewed these Accounting questions