Reyes Manufacturing Company uses a job order cost system. At the beginning of January, the company had one job in process (Job 201) and one job completed but not yet sold (Job 200). Job 202 was started during January. Other select account balances follow (ignore any accounts that are not listed). During January, the company had the following transactions: a. Purchased $20,000 worth of materials on account. b. Recorded materials issued to production as follows: Job Number 201 202 Indirect materials c. Recorded factory payroll costs from labor time tickets that revealed the following: Total Cost $ 2,150 10,750 5,000 $ 17,900 Job Number 201 202 Factory supervision. Total Cost $ 12,000 21,000 3,200 $36,200 Item Factory rent Depreciation Hours 100 500 d. Applied overhead to production at a rate of $25 per direct labor hour for 600 actual direct labor hours. e. Recorded the following actual manufacturing overhead costs: Total Cost $ 3,100 2,500 Description Paid in cash Factory equipment d. Applied overhead to production at a rate of $25 per direct labor hour for 600 actual direct labor hours. e. Recorded the following actual manufacturing overhead costs: Iten Factory rent Depreciation Factory utilities Factory insurance $ 17,900 Total Cost $3,100 2,500 1,750 1,250 $8,600 Description Paid in cash Factory equipment Incurred but not paid Prepaid policy 1. Completed Job 201 and transferred it to Finished Goods Inventory. g. Sold Job 200 for $31,000. Job 202 was still in process at the end of January. Required: 1. Post the preceding transactions to T-accounts. (Note: Capture the offsetting of debits and credits to other accounts such as Cash, Payables, Accumulated Depreciation, and so on in Miscellaneous Accounts.) 2. Compute the ending balance in the following accounts: a. Raw Materials Inventory. b. Work in Process Inventory. c. Finished Goods Inventory. d. Cost of Goods Sold (unadjusted). e. Manufacturing Overhead (Specify if overhead is overapplied or underapplied). 3. Compute the total cost of Jobs 201 and 202 at the end of January. Required 1 Required 2 Required 3 Post the preceding transactions to T-accounts. (Note: Capture the offsetting of debits and credits to other accounts such as Cash, Payables, Accumulated Depreciation, and so on in Miscellaneous Accounts.) Raw Materials Inventory 1/1 Balance 1/1 Balance Debit Debit 32,000 Finished Goods Inventory 20,000 Credit Manufacturing Overhead Credit 1/1 Balance 1/1 Balance Work in Process Inventory Debit Debit 15,500 Cost of Goods Sold Sales Revenue Credit Credit 1/1 Balance 1/1 Debit Manufacturing Overhead Debit Miscellaneous Accounts (Cash, Payables, etc.) Credit Credit 1/1 HE Required + Debit Sales Revenue Required 2 > Credit Balance es e. Manufacturing Overhead (Specify if overhead is overapplied or underapplied). 3. Compute the total cost of Jobs 201 and 202 at the end of January. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the ending balance in the following accounts: a. Raw Materials Inventory. b. Work in Process Inventory. c. Finished Goods Inventory. d. Cost of Goods Sold (unadjusted). e. Manufacturing Overhead (Specify if overhead is overapplied or underapplied). a Raw Materials Inventory b. Work in Process Inventory c. Finished Goods Inventory d. Cost of Goods Sold (unadjusted) e. Manufacturing Overhead (Specify if overhead is overapplied or underapplied) < Required 1 Required 3 > Show less A compul un vrvnny valunce Tring untuunc a. Raw Materials Inventory. b. Work in Process Inventory. c. Finished Goods Inventory. d. Cost of Goods Sold (unadjusted). e. Manufacturing Overhead (Specify if overhead is overapplied or underapplied). 3. Compute the total cost of Jobs 201 and 202 at the end of January. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the total cost of Jobs 201 and 202 at the end of January. Job Number Total Cost of Job 201 202 < Required 2 Require M StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials Work in process Finished goods Beginning Inventory $ 33,000 25,000 60,000 Additional information for the month of March follows: Raw materials purchases Indirect materials used i Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Ending Inventory $ 22,000 44,000 58,000 Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. $ 84,000 10,000 55,000 85,000 Based on the above information, prepare a cost of goods manufactured report. 58,000 450,000 Required 1 Required 2 Based on the above information, prepare a cost of goods manufactured report. Stor Smart Company. Cost of Goods Manufactured Report For the Month of March Direct Materials Used in Production Total Current Manufacturing Costs Total Work in Process Cost of Goods Manufactured Required 2 > Required 11 Required 2 Based on the above information, prepare an income statement for the month of March. Stor Smart Company Income Statement For the Month of March Less: Cost of Goods Sold Cost of Goods Sold Net Income (Loss) from Operations < Required 1 + Required 2X