JASON'S-MADE-2-FITU JASON'S MADE 2-FIT-U is a producer of uniquely custom Pro Goll Shoes and Gloves. The following transactions occurred during the month of June of the fiscal year. a Raw material was purchased, on account, 5646,400 b. Factor labor, Total was $485,888 c Based on relevant documents, material requisitioned to jobs was: $ 112.768 King Priest 137.344 Buffettee Freelle 115.520 125,664 14 304 Factory Use d Payroll records reveal the following allocations to jobs King 46,080 Priest 56,320 Buffettee 38 400 Freelie 64,000 Factory Use 18.688 e. Actual factory overhead costs were occurred on account. $58,400 e. Actual factory overhead costs were occurred on account, $58,400 f. Depreciation on factory equipment, $34,560 9. Taxes on the factory building, $35,760 h. The predetermined overhead rate is 80% of direct labor i. Jobs for King, Priest, and Freelie were completed during the month of June. INSTRUCTION#1: COMPLETE THE FOLLOWING REQUIREMENTS NOTE: You MUST provide ALL detailed computation to eam full credit. 1. If the ending balance in the Raw Materials inventory is $90,000 at June 30, what was the beginning balance on June 1? 2. What documents were reviewed and provide the information in "c" above? BE SPECIFIC. 3. How much TOTAL factory overhead is applied to the three completed jobs? Show computations 4. Indicate the journal entry required to record transaction "L" 5. Is factory overhead over- or under-applied at April 30? Indicate $-value and explain in clear terms. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). JASON'S-MADE-2-FITU JASON'S MADE 2-FIT-U is a producer of uniquely custom Pro Goll Shoes and Gloves. The following transactions occurred during the month of June of the fiscal year. a Raw material was purchased, on account, 5646,400 b. Factor labor, Total was $485,888 c Based on relevant documents, material requisitioned to jobs was: $ 112.768 King Priest 137.344 Buffettee Freelle 115.520 125,664 14 304 Factory Use d Payroll records reveal the following allocations to jobs King 46,080 Priest 56,320 Buffettee 38 400 Freelie 64,000 Factory Use 18.688 e. Actual factory overhead costs were occurred on account. $58,400 e. Actual factory overhead costs were occurred on account, $58,400 f. Depreciation on factory equipment, $34,560 9. Taxes on the factory building, $35,760 h. The predetermined overhead rate is 80% of direct labor i. Jobs for King, Priest, and Freelie were completed during the month of June. INSTRUCTION#1: COMPLETE THE FOLLOWING REQUIREMENTS NOTE: You MUST provide ALL detailed computation to eam full credit. 1. If the ending balance in the Raw Materials inventory is $90,000 at June 30, what was the beginning balance on June 1? 2. What documents were reviewed and provide the information in "c" above? BE SPECIFIC. 3. How much TOTAL factory overhead is applied to the three completed jobs? Show computations 4. Indicate the journal entry required to record transaction "L" 5. Is factory overhead over- or under-applied at April 30? Indicate $-value and explain in clear terms. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)
