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need full solution ans answers use excel file if needed ill upvote asap pls answer not more than 30mins i really need it asap The
need full solution ans answers use excel file if needed ill upvote asap pls answer not more than 30mins i really need it asap
The Greco Globe Garments uses the job order costing system for inventory valuation and product pricing The beginning inventory schedule as of December 31 1991 is as follows: Direct Materials 100.000,00 Supplies 125.000.00 The Finished Goods twentory consisted of two jobs: 1R 22 and IR 23 with job cost shorts shown below Factory Job No: Direct Material Direct Labor Overhead IR 22 15,000.00 40.000.00 15.000.00 IR 23 2.250.00 14.750.00 3,000.00 The Work In Process inventory consisted of three jobs with current job cost sheets shown below Factory Job No Direct Material Direct labor Overhead IR 24 40,250.00 25.000,00 18.750,00 3,500.00 3.750.00 IR 25 20.250.00 39,437.00 IR 26 55.750.00 41.813.00 Jobs In 27 and IR 28 were started during 1992. The breakdown of direct materials requisitioned by and direct labor used in the production department is as follows Direct Materials 20,000.00 5,000.00 Job No. Direct Labor IR 24 105.000.00 IR 25 155,000.00 25.000.00 IR 26 120.000.00 IR 27 100,000.00 125.000.00 IR 28 165,000.00 175,000.00 Total 400,000.00 595,000.00 The following transactions pertain to 1992 (in PODOJ: (a) Direct materials purchased on account: 500 (b) Supplies purchased in cash 75 (c) Direct materials requisitioned by the production department: 400 (d) Supplies used in various production departments: 100 (e) Labor directly used in production (25% still unpaid as of the end of 1992):595 (f) Indirect labor incurred by production: 200 (e) Indirect labor incurred by office: 100 (h) Depreciation factory and equipment: 50 (0) Miscellaneous factory overhead (utilities, repairs, etc.) 150 () Factory overhead applied is based on a rate of P0.75 per direct labor cost (k) Goods manufactured and transferred to finished goods inventory: IR 24, 25, 27 (1) Goods sold: IR 22, 25, 27 at a 30% gross profit margin, Required: (a) Journal entries for the transactions, posted on respective T-accounts. (b) Ending balances of inventories, DM, WIP. and FG. (c) Prorated amount on CGS, WIP, and FG inventories based on the weighted percentage of ending balances of accounts, (d) Income statement for 1992 Required: (a) Journal entries for the transactions, posted on respective T-accounts. (b) Ending balances of inventories, DM, WIP, and FG. (c) Prorated amount on CGS, WIP, and FG inventories based on the weighted percentage of ending balances of accounts. (d) Income statement for 1992. NOTES: You need to show journal entries in your google sheet. . Do not round-off at any-point in the calculation. Use the exact answer in google sheet. Rounding-off will result to issues. In answering the questions, write the numerical answer only. No need to indicate the currency. Make sure you put comma in your answer. Round-off until two decimal places for your final answers, . Questions: 1. Transaction () is journalizes FOH Applied. Should FOH Applied be debited or credited? If debited, answer DEBUT: If credited, answer "CREDIT 2. Transaction () includes FG entry for R24. What is this amount? 3. What is the BEG, WIP for the year 1992? 4. FOH must be adjusted by how much? 5. Adjusting entries contains CGS. How much is the adjustment needed for CGS? 6. What is the Net Income of Greco Globe for Year Ending 1992? The Greco Globe Garments uses the job order costing system for inventory valuation and product pricing The beginning inventory schedule as of December 31 1991 is as follows: Direct Materials 100.000,00 Supplies 125.000.00 The Finished Goods twentory consisted of two jobs: 1R 22 and IR 23 with job cost shorts shown below Factory Job No: Direct Material Direct Labor Overhead IR 22 15,000.00 40.000.00 15.000.00 IR 23 2.250.00 14.750.00 3,000.00 The Work In Process inventory consisted of three jobs with current job cost sheets shown below Factory Job No Direct Material Direct labor Overhead IR 24 40,250.00 25.000,00 18.750,00 3,500.00 3.750.00 IR 25 20.250.00 39,437.00 IR 26 55.750.00 41.813.00 Jobs In 27 and IR 28 were started during 1992. The breakdown of direct materials requisitioned by and direct labor used in the production department is as follows Direct Materials 20,000.00 5,000.00 Job No. Direct Labor IR 24 105.000.00 IR 25 155,000.00 25.000.00 IR 26 120.000.00 IR 27 100,000.00 125.000.00 IR 28 165,000.00 175,000.00 Total 400,000.00 595,000.00 The following transactions pertain to 1992 (in PODOJ: (a) Direct materials purchased on account: 500 (b) Supplies purchased in cash 75 (c) Direct materials requisitioned by the production department: 400 (d) Supplies used in various production departments: 100 (e) Labor directly used in production (25% still unpaid as of the end of 1992):595 (f) Indirect labor incurred by production: 200 (e) Indirect labor incurred by office: 100 (h) Depreciation factory and equipment: 50 (0) Miscellaneous factory overhead (utilities, repairs, etc.) 150 () Factory overhead applied is based on a rate of P0.75 per direct labor cost (k) Goods manufactured and transferred to finished goods inventory: IR 24, 25, 27 (1) Goods sold: IR 22, 25, 27 at a 30% gross profit margin, Required: (a) Journal entries for the transactions, posted on respective T-accounts. (b) Ending balances of inventories, DM, WIP. and FG. (c) Prorated amount on CGS, WIP, and FG inventories based on the weighted percentage of ending balances of accounts, (d) Income statement for 1992 Required: (a) Journal entries for the transactions, posted on respective T-accounts. (b) Ending balances of inventories, DM, WIP, and FG. (c) Prorated amount on CGS, WIP, and FG inventories based on the weighted percentage of ending balances of accounts. (d) Income statement for 1992. NOTES: You need to show journal entries in your google sheet. . Do not round-off at any-point in the calculation. Use the exact answer in google sheet. Rounding-off will result to issues. In answering the questions, write the numerical answer only. No need to indicate the currency. Make sure you put comma in your answer. Round-off until two decimal places for your final answers, . Questions: 1. Transaction () is journalizes FOH Applied. Should FOH Applied be debited or credited? If debited, answer DEBUT: If credited, answer "CREDIT 2. Transaction () includes FG entry for R24. What is this amount? 3. What is the BEG, WIP for the year 1992? 4. FOH must be adjusted by how much? 5. Adjusting entries contains CGS. How much is the adjustment needed for CGS? 6. What is the Net Income of Greco Globe for Year Ending 1992 Step by Step Solution
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