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REQUIREMENT#5, THE GENERAL LEDGER, & THE COST OF GOODS MANUFACTURED AND SOLD/INCOME STATEMENT.
Sampson Company uses a job order cost system with overhead applied to products based on direct labor hours. Based on previous history, the company estimated its total overhead for the coming year to be $720,000 and its total direct labor hours to be 24,000 . On January 1 the general ledger of Sampson Company revealed that it had one job in process (Job 102) for which it had incurred a total cost of $15,000. Job 101 had been finished the previous month for a total cost of $30,000 but was not yet sold. The company had a contract for Job 103 but had not started working on it yet. Other balances in Raw Materials Inventory and other assets, liabilities, and stockholders' equity accounts are summarized below. During January, the company had the following transactions: a. Purchased $10,000 worth of raw materials on account b. Issued the following materials into production: c. Recorded salaries and wages payable as follows: d. Applied overhead to jobs based on the number of direct labor hours required: e. Recorded the following actual manufacturing costs: f. Recorded the following general and administrative costs: g. Sold Job 101, which is recorded in Finished Goods Inventory at a cost of $30,000, for $55,000. h. Completed Job 102 but did not sell it; Job 103 is still in process at year-end. Requirement 2a: Debit Credit a. Raw Materials Inventory 10,000 Acoounts Payable 10,000 b. Work in Process Inventory Manuafacturing Dverkead 7,000 2,000 Raw Materials Inventory c. Work in Progress Inventory Manufacturing Dverhead Administrative Salary Expense Salaries and Wages Payable 19,000 d. Work in Progress lnwentory Manufacturing Duerhead 15,00015,000 e. Manufacturing Dverhead 16,000 Cash Acoumulated Depreciation-Factory Equipment Prepaid Insurance Utilities Payable 6,000 5,000 3,000 2,000 f. \begin{tabular}{|l|r|r|} \hline AdvertisingExpense & 2,000 & \\ \hline Depreciation Expense & 3,000 & \\ \hline Misc. Expense & 1,000 & \\ \hline Cash & & 2,000 \\ \hline AcoumulatedDepreciation & & 3,000 \\ \hline Acorued Liabilities & & 1,000 \\ \hline \end{tabular} 9- Aocounts Reoeivable Sales Revenue 55,000 Cost of Goods Sold Finished Goods lnventory 30,000 Requirement 5: h. Finished Goods lnventory 32,000 Work in Progress Inventory 32,000 Actual - Applied = Underappliedi(Guerapplied) Requirement 6: Debit Credit Cost of Goods Sold 7,000 Manufacturing werhead 7,000 COMPANY NAME General Ledger Accounts PERIOD Raw Materials Inventory Manufacturing Overhead b. d. c. e. 16,000 Work in Process Inventory (WIP) Finished Goods Inventory 1/1 Balance 1/31 Balance Individual Job Cost Sheets (subsidiary ledgers to WIP) Cost of Goods Sold 1/31 Balance Total Mfg. Cost Sampson Company Cost of Goods Manufactured and Sold Beginning Raw materials Inventory Plus: Less: Less: Direct Materials Used In Production ss Manufacturing Overhead Applied Total Current Manufacturing Costs $ Adjusted Cost of Goods Sold $ Requirement 9: Sampson Company Income Statement Sales Revenue Less: $ Less: Net Income from Operations
