QUESTION 31 Present entries in general journal form to record the following summarized operations related to production for The John Kinky Toy Company. Please use the following chart of accounts for questions 31 to 41: 10 Cash 20 Accounts Payable 11 Accounts Receivable 21 Wages Payable 12 Materials 22 Plant Taxes Payable 13 Work in Process 30 Common Stock 14 Prepaid Factory Insurance 35 Retained Earnings 15 Finished Goods Inventory 40 Sales 16 Plant 50 Cost of Goods Sold 17 Accumulated Depreciation 70 Factory Overhead ***It is very important that you use the above accounts. Do not use commas or dollar signs ($) in your answer. Direct materials requisitioned for production, $50,000. Date Credit Debit $50,000 $50,000 QUESTION 32 Direct labor incurred for January, $55,000. Date Debit Credit QUESTION 33 Raw materials purchased on account, $60,000. Date Debit Credit $ $ QUESTION 34 Other factory overhead costs included the following: factory depreciation, $10,000; factory taxes payable, $12,000; and factory insurance expired, $9,000. (One debit) Date Debit Credit $ $10,000 $12,000 $9,000 QUESTION 35 Indirect labor costs incurred, $3,000. QUESTION 35 Indirect labor costs incurred, $3,000. Date Debit Credit $ $ QUESTION 36 Paid for the raw materials purchased in (1). Date Debit Credit $ $ QUESTION 37 The wages accrued in (3) and (5) were paid. Date Debit Credit $ QUESTION 37 The wages accrued in (3) and (5) were paid. Date Debit Credit $ $ QUESTION 38 Overhead was applied to production using the following predetermined rate: 60% of direct labor cost. Date Debit Credit $ QUESTION 39 Finished products completed during the month, $80,000. Date Debit Credit $ QUESTION 39 Finished products completed during the month, $80,000. Date Debit Credit $ $ QUESTION 40 Sales to customers on account: retail, $90,000; cost, $60,000. Date Debit Credit $90,000 $90,000 $60,000 $60,000 QUESTION 41 2 points (E Assume the Factory Overhead Account has a debit balance of $1.000. Close the balance in the factory QUESTION 41 2 points (E Assume the Factory Overhead Account has a debit balance of $1,000. Close the balance in the factory overhead account without using any allocation method. (Will count for bonus points if correct, otherwise no points off!) Date Debit Credit $ $ QUESTION 42 Use the following data for questions 42-45: The John Kinky Toy Company applies factory overhead to jobs on the basis of Machine hours in the Feather Department. The following information was made available: Estimated factory overhead costs for the year $30,000 Estimated machine hours for the year 12,000 hours Actual machine hours used in May.. 1,150 hours Actual factory overhead costs for May $ 2,400 Determine the predetermined factory overhead rate for the Feather Department using the budget information above. Overhead Rate: /hour QUESTION 43 Determine the amount of factory overhead to be applied to production for May in the Feather department QUESTION 43 Determine the amount of factory overhead to be applied to production for May in the Feather department using actual machine hours costs for May. Overhead Applied: QUESTION 44 Determine the balance of the Feather Department factory overhead account as of May 31. Balance: QUESTION 45 Indicate whether the balance of the Feather Department factory overhead account represents overapplied or underapplied factory overhead. A. Overapplied OB. Underapplied QUESTION 46 Use the following Data for the remaining exam questions: The Whipped Cream Department of the John Kinky Toy Factory has the information below available for the month of March. Identify the missing numbers. An (*) will require a number, but will not be graded. Write your five answers below. QUESTION 46 Use the following Data for the remaining exam questions: The Whipped Cream Department of the John Kinky Toy Factory has the information below available for the month of March. Identify the missing numbers. An (*) will require a number, but will not be graded. Write your five answers below. Costs of Goods Manufactured 17,000 6,000 Work in process inventory, March 1 Materials, March 1 Purchase of materials Cost of materials available for use Less Materials, March 31 85,000 7,000 Cost of materials placed in production 25,000 Direct Labor Factory Overhead: Indirect Labor 15,000 Indirect Materials 9.000 34,000 Other factory supplies & utilities costs Total Factory Overhead Total manufacturing costs added Total Manufacturing costs Less: Work in Process inventory, March 31 Cost of good Manufactured 18,500 18,300 Less: Work in Process inventory, March 31 Cost of good Manufactured Income Statement Sales 235,000 Finished goods inventory, March 1 21,000 Cost of goods manufactured From Above ** Cost of finished goods available for sale Less: finished good inventory, March 31 23,000 Cost of goods sold Gross Profit $ Less: selling and administrative expenses 78,000 Net Income