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Kubota Corporation manufactures equipment in batches for inventory stock. Assume that Kubota's production costs are accounted for using a job cost system. At the beginning
Kubota Corporation manufactures equipment in batches for inventory stock. Assume that Kubota's production costs are accounted for using a job cost system. At the beginning of April raw materials inventories totaled $7,480,000, manufacturing supplies amounted to $1,056,000, and finished goods inventories totaled $5,280,000. Two jobs were in process: Job 522 with assigned costs of $5,152,000 and Job 523 with assigned costs of $2,200,000. The following information summarizes April manufacturing activities: Purchased raw materials costing $22,000,000 on account. Purchased manufacturing supplies costing $2,640,000 on account. Requisitioned materials needed to complete Job 523. Started two new jobs, 524 and 525 , and requisitioned direct materials for them. -Recorded April salaries and wages as follows: -Used manufacturing supplies costing $1,980,000. -Recognized depreciation on factory fixed assets of $4,640,000. -Incurred miscellaneous manufacturing overhead costs of $5,800,000 on account. -Applied manufacturing overhead at the rate of $6.25 per direct labor hour. Completed Jobs 522, 523, and 524. Prepare a complete analysis of all activity in Work-in-Process (including job sheets), reconciling from the beginning to the ending balances. Note: Do not use a negative sign with any of your answers
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