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Classic Suit Company manufactures suits. The company uses subsidiary ledgers to keep cost records for materials, work in process, and finished goods. Classic uses the first-in, first-out inventory method. Directions: 1. Open a materials ledger card for 415B wool material. The wool material is Account No. 45. The reorder quantity is set at 3,000 yards of material, with a minimum at 200 yards. The inventory location is Sec. 4R. Record the beginning balance on September 1 of the current year of 450 yards of 415B wool material at a unit price of $11.00 per yard. 2. Record the following transactions. Sept. 1. Ordered 3,000 yards of 415B wool material. Purchase Order No. 412. 7. Issued 300 yards of 415B wool material. Materials Requisition No. 478. 13. Received 3,000 yards of 415B wool material; unit cost $11.00. Purchase Order No. 412. 22. Issued 400 yards of 415B wool material. Materials Requisition No. 483. 3. Open a cost sheet for Job No. 310 for 300 CCL2 suits for stock on September 2 of the current year. The job is to be completed by September 7. 4. Record the following transactions in the cost sheet. Sept. 2. Direct materials, $6,080.00. Materials Requisition No. 425. 2. Direct labor, $2,200.00. Daily summary of job-time records. 3. Direct labor, $3,704.00. Daily summary of job-time records. 5. Direct materials, $2,352.00. Materials Requisition No. 445 . 6. Direct labor, $2,480.00. Daily summary of job-time records. 5. Complete the cost sheet for this job completed on September 6, recording factory overhead at the rate of 60% of direct labor cost. 6. Open a finished goods ledger card for Stock No. CCL2 suit. The minimum quantity is set at 200. Inventory location is Sec. 7FG. Record the beginning balance of September 1 of the current year of 300 suits at a unit cost of $72.60. 7. Record the cost of the 300 CCL2 suits on the finished goods ledger card for Job. No. 310 completed on September 6. 8. Record the September 8 sale of 400 CCL2 suits on the finished goods ledger card. Sales Invoice No. 491. 1., 2. 3.,4.,5. COST SHEET Job. No. Date Item Date wanted No. of items Date completed Ordered for 6., 7., 8. FINISHED GOODS LEDGER CARD Description Stock No. Part Four-Recording Transactions for a Manufacturing Business Selected information for Mountain View Corporation for the month of July is shown below. a. Payroll distribution for the month is: Work in Process, $59,000.00; Factory Overhead, $20,000.00. b. The total of all requisitions for direct materials issued during the month is $64,200.00. c. The total of all requisitions for indirect materials issued during the month is $4,400.00. d. Manufacturing accounts and balances are: Depreciation Expense, \$2,200.00; Heat, Light, and Power Expense, $2,320.00; Miscellaneous Expense-Factory, $19,000.00. e. The factory overhead to be charged to Work in Process is 80% of the direct labor cost. f. The total of all cost sheets completed during the month is $163,400.00. g. The total costs recorded on all sales invoices for July is $191,200.00. Directions: Journalize the following entries on July 31 of the current year. 1. Transfer the total of all direct materials requisitions to Work in Process and indirect materials to Factory Overhead. M287. 2. Close all individual manufacturing expense accounts to Factory Overhead. M288. 3. Record applied factory overhead to Work in Process. M289. 4. Close the balance of the Factory Overhead account to Income Summary. M290. Actual Factory Overhead for the month is $47,920.00. 5. Transfer the total of all cost sheets completed from Work in Process to Finished Goods. M291. General Journal PAGE 7 GENERAL JOURNAL \begin{tabular}{|r|l|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ DATE } & ACcount TITLE & DOC. NO. POST. REF. & DEBIT & CREDIT \\ \hline 1 & & & & & \\ \hline 2 & & & & & \\ \hline 3 & & & & & \\ \hline 4 & & & & & \\ \hline 5 & & & & & \\ \hline \end{tabular} Classic Suit Company manufactures suits. The company uses subsidiary ledgers to keep cost records for materials, work in process, and finished goods. Classic uses the first-in, first-out inventory method. Directions: 1. Open a materials ledger card for 415B wool material. The wool material is Account No. 45. The reorder quantity is set at 3,000 yards of material, with a minimum at 200 yards. The inventory location is Sec. 4R. Record the beginning balance on September 1 of the current year of 450 yards of 415B wool material at a unit price of $11.00 per yard. 2. Record the following transactions. Sept. 1. Ordered 3,000 yards of 415B wool material. Purchase Order No. 412. 7. Issued 300 yards of 415B wool material. Materials Requisition No. 478. 13. Received 3,000 yards of 415B wool material; unit cost $11.00. Purchase Order No. 412. 22. Issued 400 yards of 415B wool material. Materials Requisition No. 483. 3. Open a cost sheet for Job No. 310 for 300 CCL2 suits for stock on September 2 of the current year. The job is to be completed by September 7. 4. Record the following transactions in the cost sheet. Sept. 2. Direct materials, $6,080.00. Materials Requisition No. 425. 2. Direct labor, $2,200.00. Daily summary of job-time records. 3. Direct labor, $3,704.00. Daily summary of job-time records. 5. Direct materials, $2,352.00. Materials Requisition No. 445 . 6. Direct labor, $2,480.00. Daily summary of job-time records. 5. Complete the cost sheet for this job completed on September 6, recording factory overhead at the rate of 60% of direct labor cost. 6. Open a finished goods ledger card for Stock No. CCL2 suit. The minimum quantity is set at 200. Inventory location is Sec. 7FG. Record the beginning balance of September 1 of the current year of 300 suits at a unit cost of $72.60. 7. Record the cost of the 300 CCL2 suits on the finished goods ledger card for Job. No. 310 completed on September 6. 8. Record the September 8 sale of 400 CCL2 suits on the finished goods ledger card. Sales Invoice No. 491. 1., 2. 3.,4.,5. COST SHEET Job. No. Date Item Date wanted No. of items Date completed Ordered for 6., 7., 8. FINISHED GOODS LEDGER CARD Description Stock No. Part Four-Recording Transactions for a Manufacturing Business Selected information for Mountain View Corporation for the month of July is shown below. a. Payroll distribution for the month is: Work in Process, $59,000.00; Factory Overhead, $20,000.00. b. The total of all requisitions for direct materials issued during the month is $64,200.00. c. The total of all requisitions for indirect materials issued during the month is $4,400.00. d. Manufacturing accounts and balances are: Depreciation Expense, \$2,200.00; Heat, Light, and Power Expense, $2,320.00; Miscellaneous Expense-Factory, $19,000.00. e. The factory overhead to be charged to Work in Process is 80% of the direct labor cost. f. The total of all cost sheets completed during the month is $163,400.00. g. The total costs recorded on all sales invoices for July is $191,200.00. Directions: Journalize the following entries on July 31 of the current year. 1. Transfer the total of all direct materials requisitions to Work in Process and indirect materials to Factory Overhead. M287. 2. Close all individual manufacturing expense accounts to Factory Overhead. M288. 3. Record applied factory overhead to Work in Process. M289. 4. Close the balance of the Factory Overhead account to Income Summary. M290. Actual Factory Overhead for the month is $47,920.00. 5. Transfer the total of all cost sheets completed from Work in Process to Finished Goods. M291. General Journal PAGE 7 GENERAL JOURNAL \begin{tabular}{|r|l|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ DATE } & ACcount TITLE & DOC. NO. POST. REF. & DEBIT & CREDIT \\ \hline 1 & & & & & \\ \hline 2 & & & & & \\ \hline 3 & & & & & \\ \hline 4 & & & & & \\ \hline 5 & & & & & \\ \hline \end{tabular}