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Ivanhoe Corporations fiscal year ends on June 30. The following accounts are found in its job-order cost accounting system for the first month of the
Ivanhoe Corporations fiscal year ends on June 30. The following accounts are found in its job-order cost accounting system for the first month of the new fiscal year:
Indicate the amount pertaining to each letter.
Raw Materials Inventory Beginning July 1 balance July 31Requisitions(a) 15,400 31Purchases 91,100 July 31Ending balance (b) Work in Process Inventory Beginning July 11 July 31Jobs completed(f) balance (c) 31Direct materials 74,800 31Direct labour (d) 310verhead (e) July 31Ending balance (8) Finished Goods Inventory Beginning July 1 July 31Cost of goods sold(1) balance (h) 31Jobs completed (0) July 31Ending balance (k) Factory Labour July 31Factory wages (0) July 31 Wages assigned (m) Manufacturing Overhead Indirect July 31 July 310verhead applied 114,600 materials 8,200 31Indirect labour 15,200 310ther overhead (n) Other data: 1. On July 1, two jobs were in process: Job No. 4085 and Job No. 4086, with costs of $19,400 and $13,450, respectively. 2. During July, Jobs 4087,4088, and 4089 were started. On July 31, only Job No. 4089 was unfinished. This job had charges for direct materials of $2,100 and direct labour of $1,540, plus manufacturing overhead. Manufacturing overhead was applied at the rate of 125% of direct labour cost. 3. On July 1, Job No. 4084, costing $145,300, was in the finished goods warehouse. On July 31, Job No. 4088, costing $139,500, was in finished goods. 4. Overhead was $3,200 under-applied in July. (a) $ (b) $ (c) $ (d) $ (e) $ (f) $ 09 $ (h) $ $ (1) $ (k) $ (1) $ (m) $ (n) $Step by Step Solution
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