Question
help! so this is the problem.... June 20 Record the transfer of JOB 33 to the Cost of Goods Sold account from the Raw and
help! so this is the problem....
June 20 Record the transfer of JOB 33 to the Cost of Goods Sold account from the Raw and In-Process Inventory account. To determine the amount of the transfer, go to the subsidiary ledger for Raw and In-Process Inventory and find the total cost, to date, for JOB 33. Invoice Number: TRANS.
so the job card states....(i have reversed the entry twice)
Summerset Fencing, Incorporated
Subsidiary Ledger for Raw and In-Process Inventory
Job Card: JOB 33
------------------------------------------------------------------------
DateVendorDoc.MaterialHoursRateLaborOverhead
------------------------------------------------------------------------
June 03 Beginning Balance
June 13 20500G30006,240.00
June 13 20500F20003,850.00
June 14TT57210.0060.00600.00
June 14TT572480.00
June 14TT5734.0048.00192.00
June 14TT573153.60
June 18 26575G30007,800.00
June 18 26575E01503,500.00
June 18 26575C07506,460.00
June 20 Transferred
June 20 Transfer Reversed
June 20 Transferred
June 20 Transfer Reversed
----------------------------------------------------------------------
Summary of Costs:
Direct Materials.... $27,850.00
Direct Labor........792.00
Overhead............633.60
-----------
Total Cost for Job.. $29,275.60
===========
----------------------------------------------------------------------
Summary of Direct Material:
DateNumberDescriptionUnitsUnit CostTotal
June 13G30003 In. Sq. Tubing.09512052.006,240.00
June 13F20002 Square Tubing .09510038.503,850.00
June 18G30003 In. Sq. Tubing.09515052.007,800.00
June 18E01501 1/2 T W Tube .05625014.003,500.00
June 18C07503.4 T Wall Tube .0659506.806,460.00
---------
Total Material Cost:27,850.00
=========
----------------------------------------------------------------------
End of Job Card Summary
I originally answered...
COGS 29275.60
R&INPROCESS 29275.60
that answer leaves my COGS balance & raw and in process inventory short $4968
i reversed the problem on PKL wanting to do a new entry of
COGS 34,243.60
r&inprocess 34,243.60
BUT the system wont allow me journal it as such because that amount exceeds the total job cost?
how did i go wrong in this journal entry this in the pkl system? & I want my check figures balance?
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Cornerstones of Managerial Accounting
Authors: Maryanne Mowen, Don Hanson, Dan Heitger, David McConomy, Bradley Witt, Jeffrey Pittman
3rd Canadian edition
176530886, 176721231, 978-0176721237
