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HELP ASAP PLEASE! I have tried to solve these however i have had problems especially with the works in process one. please make clear charts.
HELP ASAP PLEASE! I have tried to solve these however i have had problems especially with the works in process one. please make clear charts. thank you
Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs Inventory balances at the beginning of 2018 follow Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $16,100 6,300 21,600 The following transactions occurred during January (a) Purchased materials on account for $26,400 (b) Issued materials to production totaling $21900 90 percent of which was traced to specificjobs and the remainder of which was treated as indirect materials c) Payroll costs totaling $16.900 were recorded as follows: $10,600 for assembly workers 1,400 for factory supervision 2,700 for administrative personnel 2,200 for sales commissions Wd Recorded depreciation: $4, 200 for factory machines. $1,200 for the copier used in the administrative office, le/ Recorded $1700 of expired insurance Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense Paid $5.800 in other factory costs in cash /g/ Applied manufacturing overhead at a rate of 200 percent of direct labor cost th) Completed all jobs but one; the job cost sheet for the uncompleted job shows $2,200 for direct materials, $2,300 for direct labor and $4,600 for applied overhead 20 Soldjobs costing $50.900 The revenue earned on these jobs was $66,170 Required: 1. Set up T-accounts, record the beginning balanges post the January transactions, and compute the final balance for the following accounts a. Raw Materials inventory b. Work in Process Inventory c. Finished Goods Inventory d. Cost of Goods Sold e. Manufacturing Overhead. f. Selling, General, and Administrative Expenses g. Sales Revenue _ _ Work in Process Inventory 6.300 Raw Materials Inventory 16,100 26.400 21.900 (6) Beg. Bal. a) Beg Bal b) c) End Bal 20,600 Cost of Goods Sold Finished Goods Inventory 21 600 Beg. Bal. Beg. Bal End. Bal. 21,600 End. Ball Manufacturing Overhead Selling, General, and Administrative Expenses Beg Bal. Beg. Bal. End. Bal End. Bal Sales Revenue Beg. Bal. End. Bal. OStep by Step Solution
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