need some help solving

0 CCOUNTING OCIETY Chart of Accounts Cash Accounts Receivable OM Foam DM Legs 10000 11000 12000 12100 15000 15050 16000 20000 40000 50000 Work-In-Process WIP Factory Overhead Finished Goods FG Wages Payable Sales COGS Ten a. In the first journal entry record the purchase of the foam and the legs using cash. b. Record the materials transferred to WIP. Again, use one journal entry to record the transfer of the foam and the legs c. Record the direct labor into WIP using wages payable. d. Record the applied FOH. e Record the actual FOH using cash f. Record the over or under applied FOH. B. Record the sale of the goods on account along with the cost of the inventory that was sold. Combine both into one journal entry showing the sale first and inventory second BO St 2393 Blackboard Instructions for Part Two Add information concerning numbers here and enter into Blackboard as specified below a. When the answer is in units enter the number as is (See example below) it. 280 b. When the answer is for ratios fle%) and it has a decimaltake the decimal out to two spaces (See example below) VE 280.89 c. When ratios are in days/times take out to two decimal places (See example below) iv. 280.96 days d When the answer is in dollars ALWAYS include a dollar sign and cents even if the cents is zero add.00 See example below! v. $280,00 or $3,800.00 e. When there is a single journal entry enter information EXACTLY as it below in the sequence of Dr/Cr, Account Number, and amount (note the signs, decimals, spaces, and capital letter) vi. Dr 10000 $280.00 Cr 20000 $280.00 1. When there is a journal entry requiring two debits or credits enter information EXACTLY as is below in the sequence of Dr/Cr, Account Number, amount, and always put the smaller account number FIRST Inote the signs, decimals, spaces, capital letters and order of the accounts) vii. De 10000 $280.00 Dr 60000 $40.00 Cr 20000 $300.00 vii. Dr 10000 $300.00 Cr 20000 $280.00 Cr 90000 $40.00 k. Dr 10000 $280.00 Dr 60000 $40.00 Cr 70000 $290.00 Cr 90000 $10.00 15 Page CCOUNTING OCIETY 8. When there is a sale enter the sale first and then add the COGS and the transfer of Inventory Dr 10000 $10,368.00 Cr 40000 $10,000.00 Cr 25833 $368.00 Dr S0000 $70,000.00 Cr 12000 $50,000.00 C 12100 $20,000.00 h. Follow examples exactly as arel Do NOT copy and paste from Excel into Blackboard. If your entry is formatted incorrectly it will be counted wrong Templates Equivalent Units Schedule 1. Determine the pre-determined overhead rate. 3. Equivalent unit schedule Equivalent Units Whole Units (Actual) XXX XOXX XXX XXX Beginning Start/Completed Completed/Transferred Out Ending Direct Materials Foam XOOX XXX XOOK Conversion Costs XXX XOCK XOX XOCX Direct Material Lees Xxx XOXO XOOK 4. Determine the total cost for the foam and the unit amount for the foam for one surfboard table 5. Determine the total cost for the legs and the unit cost for four legs per table 6. Determine the total conversion cost and the conversion cost per surfboard table. 7. Determine the total equivalent cost per surfboard table. 8. Follows after this 9. Determine the amounts for the following h) Ending Work-in-Process Inventory in Units AND Dollars Ending Finished Goods Inventory in Units AND Dollars 3) Cost of Goods Sold k) Over/Under Applied Manufacturing Overhead 1) Gross Margin m) Income from Operations A) Net Income 16 PX 0 CCOUNTING OCIETY Chart of Accounts Cash Accounts Receivable OM Foam DM Legs 10000 11000 12000 12100 15000 15050 16000 20000 40000 50000 Work-In-Process WIP Factory Overhead Finished Goods FG Wages Payable Sales COGS Ten a. In the first journal entry record the purchase of the foam and the legs using cash. b. Record the materials transferred to WIP. Again, use one journal entry to record the transfer of the foam and the legs c. Record the direct labor into WIP using wages payable. d. Record the applied FOH. e Record the actual FOH using cash f. Record the over or under applied FOH. B. Record the sale of the goods on account along with the cost of the inventory that was sold. Combine both into one journal entry showing the sale first and inventory second BO St 2393 Blackboard Instructions for Part Two Add information concerning numbers here and enter into Blackboard as specified below a. When the answer is in units enter the number as is (See example below) it. 280 b. When the answer is for ratios fle%) and it has a decimaltake the decimal out to two spaces (See example below) VE 280.89 c. When ratios are in days/times take out to two decimal places (See example below) iv. 280.96 days d When the answer is in dollars ALWAYS include a dollar sign and cents even if the cents is zero add.00 See example below! v. $280,00 or $3,800.00 e. When there is a single journal entry enter information EXACTLY as it below in the sequence of Dr/Cr, Account Number, and amount (note the signs, decimals, spaces, and capital letter) vi. Dr 10000 $280.00 Cr 20000 $280.00 1. When there is a journal entry requiring two debits or credits enter information EXACTLY as is below in the sequence of Dr/Cr, Account Number, amount, and always put the smaller account number FIRST Inote the signs, decimals, spaces, capital letters and order of the accounts) vii. De 10000 $280.00 Dr 60000 $40.00 Cr 20000 $300.00 vii. Dr 10000 $300.00 Cr 20000 $280.00 Cr 90000 $40.00 k. Dr 10000 $280.00 Dr 60000 $40.00 Cr 70000 $290.00 Cr 90000 $10.00 15 Page CCOUNTING OCIETY 8. When there is a sale enter the sale first and then add the COGS and the transfer of Inventory Dr 10000 $10,368.00 Cr 40000 $10,000.00 Cr 25833 $368.00 Dr S0000 $70,000.00 Cr 12000 $50,000.00 C 12100 $20,000.00 h. Follow examples exactly as arel Do NOT copy and paste from Excel into Blackboard. If your entry is formatted incorrectly it will be counted wrong Templates Equivalent Units Schedule 1. Determine the pre-determined overhead rate. 3. Equivalent unit schedule Equivalent Units Whole Units (Actual) XXX XOXX XXX XXX Beginning Start/Completed Completed/Transferred Out Ending Direct Materials Foam XOOX XXX XOOK Conversion Costs XXX XOCK XOX XOCX Direct Material Lees Xxx XOXO XOOK 4. Determine the total cost for the foam and the unit amount for the foam for one surfboard table 5. Determine the total cost for the legs and the unit cost for four legs per table 6. Determine the total conversion cost and the conversion cost per surfboard table. 7. Determine the total equivalent cost per surfboard table. 8. Follows after this 9. Determine the amounts for the following h) Ending Work-in-Process Inventory in Units AND Dollars Ending Finished Goods Inventory in Units AND Dollars 3) Cost of Goods Sold k) Over/Under Applied Manufacturing Overhead 1) Gross Margin m) Income from Operations A) Net Income 16 PX