I have some of the work finished. Please see excel attached file to see what needs to be completed. Thank you Job Order Cost Flow P 3. On May 31, the inventory balances of Princess Designs, a manufacturer of high-quality children?s clothing, were as follows: Materials Inventory, $21,360; Work in Process Inventory, $15,112; and Finished Goods Inventory, $17,120. Job order cost cards for jobs in process as of June 30 had these totals: Job No. Direct Materials Direct Labor Overhead 24-A $1,596 $1,290 $1,677 24-B 1,492 1,380 1,794 24-C 1,984 1,760 2,288 24-D 1,608 1,540 2,002 The predetermined overhead rate is 130 percent of direct labor costs. Materials purchased and received in June were as follows: June 4 $33,120 June 16 28,600 June 22 31,920 Direct labor costs for June were as follows: June 15 payroll $23,680 June 29 payroll 25,960 Direct materials requested by production during June were as follows: June 6 $37,240 June 23 38,960 On June 30, Princess Designs sold on account finished goods with a 75 percent markup over cost for $320,000. Required 1. Using T accounts for Materials Inventory, Work in Process Inventory, Fin- ished Goods Inventory, Overhead, Accounts Receivable, Payroll Payable, Sales, and Cost of Goods Sold, reconstruct the transactions in June. 2. Compute the cost of units completed during the month. 3. What was the total cost of goods sold during June? 4. Determine the ending inventory balances. 5. Jobs 24-A and 24-C were completed during the first week of July. No addi- tional materials costs were incurred, but Job 24-A required $960 more of direct labor, and Job 24-C needed an additional $1,610 of direct labor. Job 24-A was composed of 1,200 pairs of trousers; Job 24-C, of 950 shirts. Compute the product unit cost for each job. (Round your answers to two decimal places.
Score: 77% A red asterisk (*) will appear in the column to the right of an incorrect answer. Chapter 20, P 3. 1. Transactions reconstructed using T accounts. 4. Ending inventory balances computed. Beg Bal 6/4 6/16 6/22 End Bal Beg Bal 6/30 End Bal 6/30 End Bal Materials Inventory 21,360 6/6 33,120 6/23 28,600 31,920 38,800 Beg Bal 6/30 End Bal 6/30 End Bal Materials Inventory 21,360 6/6 33,120 6/23 28,600 31,920 38,800 Finished Goods Inventory 1 7,120 6/30 1 85,073 1 9,336 Work in Process Inventory 1 5,112 6/30 37,240 23,680 38,960 25,960 Overhead 6/15 6/29 End Bal Accounts Receivable 320,000 320,000 Payroll Payable 6/15 6/29 End Bal 23,680 25,960 4 9,640 Cost of Goods Sold 320,000 320,000 6/30 End Bal 37,240 38,960 Beg Bal 6/6 6/15 6/15 6/23 6/29 6/29 End Bal Work in Process Inventory 1 5,112 6/30 37,240 23,680 30,784 38,960 25,960 33,748 20,411 1 85,073 Overhead 6/15 6/29 End Bal 320,000 320,000 6/30 End Bal 30,784 33,748 64,532 Payroll Payable 6/15 6/29 End Bal 1 82,857 Accounts Receivable 320,000 320,000 Sales 6/30 End Bal 6/1 6/2 6/3 6/4 6/5 6/6 6/7 6/8 6/9 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21 6/22 6/23 6/24 6/25 6/26 6/27 6/28 6/29 6/30 Beg Bal 6/6 6/15 6/15 6/23 6/29 6/29 End Bal Finished Goods Inventory 1 7,120 6/30 Sales 6/30 End Bal Beg Bal 6/4 6/16 6/22 End Bal 37,240 38,960 23,680 25,960 4 9,640 Cost of Goods Sold 1 82,857 1 82,857 Score: 79% A red asterisk (*) will appear in the column to the right of an incorrect answer. Chapter 20, P 3. (continued) 2. Cost of completed units computed. Cost of ending Work in Process Inventory: Job Number 24-A 24-B 24-C 24-D T otals Direct Materials $1,596 1,492 1,984 1,608 $6,680 Direct Labor $1,290 1,380 1,760 1,540 $5,970 Overhead $1,677 1,794 2,288 2,002 $7,761 Costs of units completed: Beginning balance, Work in Process Inventory Cost of direct materials, direct labor, and overhead added during period T otal costs included in Work in Process Inventory Less ending Work in Process Inventory Cost of goods completed and transferred Totals $4,563 4 ,666 6,032 5,150 $20,411 $15,112 3. Cost of goods sold computed. Sales equal to 175% of cost of goods sold / = Job Number 24-A 24-B 24-C 24-D Direct Materials $1,596 1,492 1,984 1,608 $6,680 Direct Labor $1,290 1,380 1,760 1,540 $5,970 Overhead $1,677 1,794 2,288 2,002 $7,761 Costs of units completed: Beginning balance, Work in Process Inventory Cost of direct materials, direct labor, and overhead added during period T otal costs included in Work in Process Inventory Less ending Work in Process Inventory Cost of goods completed and transferred 3. Cost of goods sold computed. Sales equal to 175% of cost of goods sold $320,000 / 1.75 = $182,857 Beginning balance, Work in Process Inventory Cost of direct materials, direct labor, and overhead added during period Cost of goods completed and transferred Less ending Work in Process Inventory Total costs included in Work in Process Inventory Total $4,563 4 ,666 6,032 5,150 $20,411 $15,112 190,372 $205,484 20,411 $185,073 Score: 22% A red asterisk (*) will appear in the column to the right of an incorrect answer. Chapter 20, P 3. (continued) 5. Product unit costs computed. Job 24-A: July beginning balance July costs: Direct labor Overhead (130%) T otal cost Product unit cost: / pairs = Job 24-C: July beginning balance July costs: Direct labor Overhead (130%) T otal cost Product unit cost: / shirts = Job 24-A: July beginning balance July costs: Direct labor Overhead (130%) T otal cost Product unit cost: Job 24-C: July beginning balance July costs: Direct labor Overhead (130%) T otal cost Product unit cost: Direct labor Overhead (130%) $4,563 960 1,248 $6,771 $6,771 / 1,200 pairs = $5.64 $6,032 1,610 2,093 $9,735 $9,735 / 950 shirts = $10.25 Name: Instructor: Date: Course/Section: Christina Kemmerer Gregory Harms 9/29/2013 Acct101 Overall Wk 4 Score: 87% Exercise Score: 100% A red asterisk (*) will appear in the column to the right of an incorrect answer. Since some answer boxes are correct on one of the tabs when left blank, the Overall Wk 4 beginning score is greater than 0%. Chapter 20, SE 1. 1. 2. 3. Yes Yes Yes Score: 77% A red asterisk (*) will appear in the column to the right of an incorrect answer. Chapter 20, P 3. 1. Transactions reconstructed using T accounts. 4. Ending inventory balances computed. Beg Bal 6/4 6/16 6/22 End Bal Materials Inventory 21,360 6/6 33,120 6/23 28,600 31,920 38,800 Work in Process 37,240 38,960 Beg Bal 6/6 6/15 6/15 6/23 Score: 79% A red asterisk (*) will appear in the column to the right of an incorrect answer. Chapter 20, P 3. (continued) 2. Cost of completed units computed. Cost of ending Work in Process Inventory: Job Number 24-A 24-B 24-C 24-D Totals Direct Materials $1,596 1,492 1,984 1,608 $6,680 Direct Labor $1,290 1,380 1,760 1,540 $5,970 Overhead $1,677 1,794 2,288 2,002 $7,761 Totals $4,563 4,666 6,032 5,150 $20,411 Score: 22% A red asterisk (*) will appear in the column to the right of an incorrect answer. Chapter 20, P 3. (continued) 5. Product unit costs computed. Job 24-A: July beginning balance July costs: Direct labor Overhead (130%) Total cost Product unit cost: / pairs = Score: 89% A red asterisk (*) will appear in the column to the right of an incorrect answer. Since some answer boxes are corre left blank, the beginning score is greater than 0%. Chapter 21, SE 4. Blue Blaze FIFO Costing Method For the Month Ended July 31 Beginning inventory Units started this period Units to be accounted for Beginning inventory Units started and completed Ending inventory Physical Units 3,000 17,000 20,000 3,000 14,500 2,500 Equivalent Units Direct Materials 0 14,500 1 2,500 1 Conversion Cos 1,800 14,500 1,750 Score: 100% A red asterisk (*) will appear in the column to the right of an incorrect answer. Chapter 21, SE 10. Red Company Average Costing Method For the Month Ended July 31 Beginning inventory Units started this period Units to be accounted for Units completed and transferred out Ending inventory Units accounted for Physical Units 2,000 13,000 15,000 14,500 500 15,000 Equivalent Units Direct Materials 14,500 500 15,000 1 1 Conversion 14,500 350 14,850 Score: 100% A red asterisk (*) will appear in the column to the right of an incorrect answer. Chapter 21, E 1. 1. 2. 3. 4. 5. 6. 7. 8. Process costing system Process costing system Job order costing system Process costing system Job order costing system Process costing system Job order costing system Job order costing system Score: 100% A red asterisk (*) will appear in the column to the right of an incorrect answer. Chapter 22, SE 8. 1. 2. 3. 4. 5. 6. NVA NVA D D NVA D Score: 94% A red asterisk (*) will appear in the column to the right of an incorrect answer. Chapter 22, E 12. Costs added to Cost of Goods Sold account: Direct materials Conversion costs (direct labor and overhead) Total manufacturing costs Less: Cost of goods completed Ending balance of Work in Process Inventory Cost of goods completed Less: Cost of goods sold Ending balance of Finished Goods Inventory $11,340 $24,840 24,800 $40 $24,800 24,000 $800 Score: 100% A red asterisk (*) will appear in the column to the right of an incorrect answer. Chapter 22, E 14. 1. 2. 3. 4. 5. Lean ABM ABM Lean Lean Score: 100% A red asterisk (*) will appear in the column to the right of an incorrect answer. Chapter 22, P 6. 1. Non-value-adding activities identified. The following activities would be considered non-value-adding: Accounting Building maintenance Mailer rework Personnel Processing cleanup Supplies storage
