Problem 19-2A (Algo) Part 3 a. Materials purchases (on credit). b. Direct materials used. c. Direct labor used (and paid in cash) and assigned to Work in Process Inventory. d. Indirect materials used and assigned to Factory Overhead. e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. f. Overhead costs applied to Work in Process Inventory. g. Actual other overhead costs incurred (Factory rent and utilities are paid in cash.) h. Transfer of Jobs 306 and 307 to Finished Goods Inventory. i. Cost of goods sold for Job 306. j. Revenue from the sale of Job 306 received in cash. k. Close underapplied or overapplied overhead to the Cost of Goods Sold account. 3. Prepare journal entries for the month of April to record the above transactions. Job 306 Job 307 Job 308 April Total March Direct materials 35,800 $ 41,800 Direct labor Overhead applied Work in process, beginning April 26,800 16,800 79,400 24,800 15,800 82,400 $ $ 0 $ 161,800 Direct materials 152,000 237,000 167,000 117,000 122,000 506,000 380,800 Direct labor 91,800 45,900 83,500 61,000 190,400 Overhead applied Costs added in April 300,000 300,000 1,077,200 $ 1,239,000 Total costs $ 289,700 $ 369,100 Finished (sold) Cost of goods sold 487,500 $ 569,900 Finished (unsold) Finished goods inventory In process Status on April 30 April 30 cost included in: Work in process inventory 4 d. Factory overhead 800 Cash 800 X . Required information 5 e. X 190,400 X Work in process inventory Factory overhead 6 f. 169,000 X X Factory overhead Raw materials inventory Cash Accumulated depreciationFactory equipment 54,250 X 59,500 X 55,250 7 g. 939,000 X Finished goods inventory Work in process inventory 939,000 x 8 h. X 369,100 X Cost of goods sold Finished goods inventory X 369,100 9 i. Cash 652,000 X Sales 652,000 > 10 j. 20,600 X Cost of goods sold Factory overhead 20,600 X 11 k. 20,600 x Underapplied overhead Cost of goods sold 20,600 X Problem 19-2A (Algo) Part 3 a. Materials purchases (on credit). b. Direct materials used. c. Direct labor used (and paid in cash) and assigned to Work in Process Inventory. d. Indirect materials used and assigned to Factory Overhead. e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. f. Overhead costs applied to Work in Process Inventory. g. Actual other overhead costs incurred (Factory rent and utilities are paid in cash.) h. Transfer of Jobs 306 and 307 to Finished Goods Inventory. i. Cost of goods sold for Job 306. j. Revenue from the sale of Job 306 received in cash. k. Close underapplied or overapplied overhead to the Cost of Goods Sold account. 3. Prepare journal entries for the month of April to record the above transactions. Job 306 Job 307 Job 308 April Total March Direct materials 35,800 $ 41,800 Direct labor Overhead applied Work in process, beginning April 26,800 16,800 79,400 24,800 15,800 82,400 $ $ 0 $ 161,800 Direct materials 152,000 237,000 167,000 117,000 122,000 506,000 380,800 Direct labor 91,800 45,900 83,500 61,000 190,400 Overhead applied Costs added in April 300,000 300,000 1,077,200 $ 1,239,000 Total costs $ 289,700 $ 369,100 Finished (sold) Cost of goods sold 487,500 $ 569,900 Finished (unsold) Finished goods inventory In process Status on April 30 April 30 cost included in: Work in process inventory 4 d. Factory overhead 800 Cash 800 X . Required information 5 e. X 190,400 X Work in process inventory Factory overhead 6 f. 169,000 X X Factory overhead Raw materials inventory Cash Accumulated depreciationFactory equipment 54,250 X 59,500 X 55,250 7 g. 939,000 X Finished goods inventory Work in process inventory 939,000 x 8 h. X 369,100 X Cost of goods sold Finished goods inventory X 369,100 9 i. Cash 652,000 X Sales 652,000 > 10 j. 20,600 X Cost of goods sold Factory overhead 20,600 X 11 k. 20,600 x Underapplied overhead Cost of goods sold 20,600 X
