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PLEASE ANSWER ASAP, WILL THUMBS UP :) THANK YOU - Using the information prepare a manufacturing statement. - Using the information prepare a partial income
PLEASE ANSWER ASAP, WILL THUMBS UP :) THANK YOU
- Using the information prepare a manufacturing statement.
- Using the information prepare a partial income statement
Snoopy Company uses a job order costing system. The following inventory balances are available on January 1, 2021: Raw Materials $19,400 Work in Process $37,000 Finished Goods $152,000 The Work in Process Inventory consisted of 3 jobs: #501 $13,600; #502 $10,600; and #503 $12,800 The Finished Goods Inventory consisted of 2 jobs: #499 $84,700 and #500 $67,300 Snoopy uses a normal costing system with an overhead rate based on machine hours. The following budgeted information was available for the year 2021: Factory overhead costs $446,500 and machine hours 47,000. During 2021, the following transactions took place: 1. Raw materials costing $74,000 were purchased on account. 2. Total factory labor charges accrued were $146,000. 3. A summary of material requisitions and time tickets appeared as follows: Job No. Material Requisitions Direct Labor Cost Machine Hours 501 $6,100 $8,800 6,400 502 7,900 7,800 4,200 503 8,200 6,600 5,600 504 10,800 18,600 14,300 505 5,200 13,900 1,900 506 4,300 9,100 12,700 507 10,100 12,400 1,800 508 2,600 3,800 900 sub-total $55,200 $81,000 47,800 Indirect 13,700 65,000 Total $68,900 $146,000 4. Other factory overhead costs include $110,000 depreciation on factory equipment, $26,200 of expired factory insurance, $18,400 of accrued property taxes, and $216,400 of miscellaneous factory costs paid in cash. 5. Job Nos. 501, 502, 503, 504, and 507 were completed. 6. Job Nos. 499, 500, 503, 504, and 507 were sold for $800,000 cash. Raw Material Latestory Factory Pascal Work Is Process Testy Fissed Good lurety Cost of Goods Sold Espace Factory Overhead Cool Cout COos Job No. Cost Consputatious Zadap WTP Job Ne Cost Zadagio Job Ne Cost POVO Beg DV DL OH Total Polaro Bez DM DL OH Total Povo Beg DM DL OH SONO Bez DI DL OH Total To JOB NO Beg DA DL OH Total JOB NO Ber DAT DL OH Total POBNO Beg ID DL Total JOS NO Beg DA DL OH To FOS NO Bag DM DL ob No. Ber DM DL OH Total OH Tonal GENERAL JOURNAL GENERAL JOURNAL
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