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LEDGER ACCOUNTS
REPORTS
Sampson Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-in-Process (Jobs 102 \& 103) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. During January the comapny had the following transactions: (d) Applied overhead to jobs based on the number of direct labor hours required (e) Recorded the following actual manufacturing costs: (f) Recorded the following general and administrative costs: (g) Sold Job 101, which is recorded in Finished Goods: 2 Compute how much overhead would be applied to jobs during the period: Overhead applied Compute the total cost of Jobs 102 and 103 at the end of the period. You will enter your calculation 3 in the 'Ledger Accounts' tab of this workbook. Where will the cost of each of these jobs appear on the Balance sheet? Post the journal entries to the 'T' Accounts in the 'Ledger Accounts' tab. Calculate the ending 4 balances in all of the accounts. 5 Calculate the amount of over- or underapplied overhead in the 'Ledger Accounts' tab. Post the journal entry in the T accounts to dispose of the overhead balance in the 'Ledger Accounts' 6 tab. 7 Prepare a statement of cost of goods manufactured report in the 'Reports' tab. 8 Prepare an income statement in the 'Reports' tab. 9 Prepare a basic balance sheet in the 'Reports' tab. \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Raw Materials Inventory } \\ \hline 1/1/18(Beg) & 10,000 \\ \hline & & \\ \hline & & \\ \hline & \\ \hline & & \\ \hline & & \\ \hline 1/1/18(Beg) & Work in Process Inventory \\ \hline \end{tabular} \begin{tabular}{l} Stockholders' Equity \\ \hline 70,0001/1/18(Beg) \end{tabular} \begin{tabular}{|l|l|} \hline 9 \\ \hline Assets \\ \hline Cash and Other Assets \\ \hline Raw Materials Inventory \\ \hline Work in Process Inventory \\ \hline Finished Goods Inventory \end{tabular} Balance Sheet As of January 31st Finished Goods Inventory Stockholders' Equity Total Assets Sampson Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-in-Process (Jobs 102 \& 103) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. During January the comapny had the following transactions: (d) Applied overhead to jobs based on the number of direct labor hours required (e) Recorded the following actual manufacturing costs: (f) Recorded the following general and administrative costs: (g) Sold Job 101, which is recorded in Finished Goods: 2 Compute how much overhead would be applied to jobs during the period: Overhead applied Compute the total cost of Jobs 102 and 103 at the end of the period. You will enter your calculation 3 in the 'Ledger Accounts' tab of this workbook. Where will the cost of each of these jobs appear on the Balance sheet? Post the journal entries to the 'T' Accounts in the 'Ledger Accounts' tab. Calculate the ending 4 balances in all of the accounts. 5 Calculate the amount of over- or underapplied overhead in the 'Ledger Accounts' tab. Post the journal entry in the T accounts to dispose of the overhead balance in the 'Ledger Accounts' 6 tab. 7 Prepare a statement of cost of goods manufactured report in the 'Reports' tab. 8 Prepare an income statement in the 'Reports' tab. 9 Prepare a basic balance sheet in the 'Reports' tab. \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Raw Materials Inventory } \\ \hline 1/1/18(Beg) & 10,000 \\ \hline & & \\ \hline & & \\ \hline & \\ \hline & & \\ \hline & & \\ \hline 1/1/18(Beg) & Work in Process Inventory \\ \hline \end{tabular} \begin{tabular}{l} Stockholders' Equity \\ \hline 70,0001/1/18(Beg) \end{tabular} \begin{tabular}{|l|l|} \hline 9 \\ \hline Assets \\ \hline Cash and Other Assets \\ \hline Raw Materials Inventory \\ \hline Work in Process Inventory \\ \hline Finished Goods Inventory \end{tabular} Balance Sheet As of January 31st Finished Goods Inventory Stockholders' Equity Total Assets
