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The May 1" balances for the following accounts are: s 9,500 S 9,400 (Job 1006-$3,200 Job 1007- 6,20 007- S6,200) Raw Materials Inventory Work in Process Inventory Finished Goods Inventory 2- C mpan and tion follows a. Purchased materials on account, $31,000 b. Issued materials to production as follows: Job 1006-$2,000 Job 1007-$5,000 Job 1008-$2,000 Job 1009-$3,000 Job 1010-$4,000 Job 1011-$3,000 ng arte Issued indirect materials to production, $7,500. c. d. The company processed payroll and incurred the following costs: a. The direct labor rate is $10.00 per hour Direct labor hours (DLH) incurred are as follows: (Job 1006-140 DL.H: Job 1007- 56 DLH: Job 1008 305 DLH; Job 1009-75 DLH: Job 1010-125 DIH: Job 011-310 DLH); b. Indirect factory labor, $40,800; c. Selling department salary, $11,500 d. Selling department commissions, $6, 900; e. Administrative personnel salary, $12,500. e. Incurred various actual costs on account: Depreciation on factory equipment, $10,500 Depreciation on equipment used by administrative personnel, $1,500; Factory utilities, $5,000; Corporate headquarters utilities, $950; Property Taxes on factory equipment, $4,950: Property taxes on corporate headquarters, $2,000 Maintenance, 1,100 for corporate headquarters and $7,900 for plant. company uses normal costing. It allocates manufacturing overhead costs using budgeted rate per direct labor hour. Budgeted manufacturing overhead costs for the period were $540,000 and budgeted direct labor- hours were 12,000 DLHs. Calculate the predetermined overhead rate and journalize the applied f. The manufacturing overhead cost for the period (Show your calculallois cost of each job-s Completed Jobs #1006, 1007, and 1011. (Hint: yow will need to determine the schedule of job cost ) g. $45,000 for Job # 1007. WE h. Sold Jobs #1006 and #1007. Customers were billed $30,000 for Job #1006 and 1. Record the May transactions in the following General Journal. I transactions affecting them. Determine the ending balance of each account). of over/under-applied overhead. State if the account is over/under-applied. Close any over/under applied overhead to the Cost of Goods Sold account (prepare a journal entry in the General Journal). 4. Compute the total cost of each job. 5. Compute the margin and margin ratios for Jobs 1006 and 1007. Prepare the case in presentable, clean and organized fashion ending balance Post all transactions effecting the following accounts. Determine their CA The proc info .4et Begi 100 Unit 1009 PRO Work #3-Manufacturing()verhead-Be sure to indicate if over or under-applied Le sgro spee Curre #4-Schedule of Job Cost (Compute the total cost of each job) Beg. Balance DM DL MO Total ob 1007 Sc o 0 ?. 5,050 b #1009 2, 125 lo, 1 15 ob NIOL 3 goo s,iro ota
