Problem #1: Process Costing Entry Work 1) Raw materials purchased on account - $20,000 2) Factory Labor paid - $37,000 3) Manufacturing overhead costs paid - $16,800 4) Manufacturing Costs of the Month Materials used during the month: Factory Labor Incurred during the month: Factory Overhead charged for the month: $ $ $ Department (Process) Cutting Assembly Packaging Indirect 4,500 $ 2,000 $ 7,500 $ 1,200 4,000 $ 11,000 $ 20,000 $ 1,800 5,600 $ 7,600 $ 6,600 Total $ 15,200 $ 36,800 $ 19,800 5) Units by Department Assembly Packaging Cutting 200 Production Activity for the Month Beginning Inventory...... Started & Finished........... Ending Inventory........ Related Mfg. Costs $ 3,000 $ 11,700 $ 1,250 780 150 110 Beginning Inventory... Started & Finished..... Ending Inventory... 810 $ 4,180 $ 30,780 $ 1,740 80 Beginning Inventory..... Started & Finished...... Ending Inventory... 150 800 130 $ 10,500 $ 56,000 $ 8,860 6) Sold 600 units for $120 ea Select General Ledger Accounts Raw Materials Inventory #Units... Tot. Cost..... . Cost/unit.. Factory Payroll WIP Inventory Cutting Dept 1,850 WIP Inventory Assembly Dept 1,400 WIP Inventory Packaging Dept 6,300 Finished Goods Inventory 15,000 BB BB BB BB DM DM DM T-In DL DL DL Factory Overhead OH OH OH T-In T-In IM IL EB EB EB EB Cost of Goods Sold Sales What was the Gross Profit on the sale?.... EB EB Problem #2 Homework Questions: 1) Name two ways Job Order and Process Cost systems are similar? 2 1) Name two ways Job Order and Process Cost systems are different? 1 2