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please help me with this question Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles.
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Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for lune: Materials 28,000 June 30 June 1 June 30 Balance Purchases Requisitions (A) 112,600 June 1 Completed Jobs (F) June 30 June 30 Balance Materials Direct labor Factory overhead applied Work in Process (s) une 30 (C) (D) ol June 30 June 1 June 30 Finished Goods opune 30 ( Balance Completed Jobs Cost of goods sold (G) Wages Payable pune 30 Wapes incurred 121.300 Factory overhead applied CD June 1 June 30 June 30 June 30 Balance Inorect labor Indirect materials Other overhead Factory Overhead 23,600 30 CHO 15,000 106,100 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in July: Job No. Style Quantity Direct Materials Direct Labor 201 T100 220 $20,680 $16,000 28,000 202 T200 430 33,950 203 T400 180 11,700 7,000 204 S200 250 28,800 26,000 205 T300 170 16,810 16,000 206 S100 140 7,820 Total 1,390 4,000 $97,000 $119,760 b. Factory overhead is applied to each job at a rate of 170% of direct labor cost. c. The June 1 Work in Process balance consisted of two jobs, as follows: Job No. Style Work in Process, June 1 201 T100 $6,300 202 T200 17,300 Total $23,600 d. Customer jobs completed and units sold in July were as follows: Job No. Style Completed in July Units Sold in July 201 T100 176 202 T200 344 203 T400 0 204 S200 X 210 205 T300 141 206 S100 0 1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in '0" Enteral amo Job No. Quantity June 1 Work in Process Direct Materials Direct Labor Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold No. 201 220 $ 6,300 $20,680 No. 202 $ 16,000 28,000 430 17,300 33,950 NO 203 180 11,700 28,800 No. 204 250 7,000 26,000 No. 205 170 16,810 16,000 No. 206 140 7,820 4,000 Total 1,390 $23,600 119.760 97,000 a. Materials Requisitions b. Work In Process Beginning Balance c. Direct Materials d. Direct Labor 6. Factory overhead applied 1. Completed Jobs 9. Cost of goods sold hi Indirect labor 2. Determine the June 30 balances for each of the inventory accounts and factory overhead. Use the mins to indicate any credt balances Materials Work in Process a. Materials Requisitions $ b. Work in Process Beginning Balance s c. Direct Materials d. Direct Labor e. Factory overhead applied f. Completed jobs $ g. Cost of goods sold $ h. Indirect labor 2. Determine the June 30 balances for each of the inventory accounts and factory overhead. Use the minus sig Materials: Work in Process: Finished Goods: III) Factory Overhead: Feedback Check My Work 1 a & c. Direct and Indirect materials are requisitioned, Direct materials are recorded in Work in Process and Indirect materia b. The beginning work in process information is given d, e&n Direct labor cost information is given Overhead is applied based on direct labor cost. 1 & 9. Beginning Work in Process balances plus all current period manufacturing costs are included in the cost of completed 2. Insert your amounts calculated in (1) into the T accounts. Then determine the ending balances Step by Step Solution
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