Snoopy Company uses a job order costing system. The following inventory balances are available on January 1, 2020: Raw Materials $22,700 Work in Process $53,900 Finished Goods $94,600 The Work in Process Inventory consisted of 3 jobs: #401 $16,500; #402 $19,300; and #403 $18,100 The Finished Goods Inventory consisted of 2 jobs: #399 $51,700 and #400 $42,900 Snoopy uses a normal costing system with an overhead rate based on machine hours. The following budgeted information was available for the year 2020: Factory overhead costs $770,000 and machine hours 55,000. During the year 2020, the following transactions took place: 1. Raw materials costing $100,000 were purchased on account. 2. Total factory labor charges accrued were $189,600. 3. A summary of material requisitions and time tickets appeared as follows: Direct Material Machine Job No. Labor Requisitions Hours Cost 401 $4,400 $7,200 402 3,900 6,600 403 2,600 5,800 404 15,400 24,500 405 6,700 9,200 406 9,400 10,600 3,400 2,800 2,200 14,300 5,400 6,100 6,700 9,200 5,400 9,400 10,600 6,100 18,800 31,800 15,800 9,100 9,700 5,800 sub- $70,300 $105,400 55,800 total Indirect 28,500 84,200 Total $98,800 189,600 4. Other factory overhead costs include $385,000 depreciation on factory equipment, $12,500 of expired factory insurance, $88,000 of accrued property taxes, and $168,400 of miscellaneous factory costs paid in cash. 5. Job Nos. 401, 402, 403, 404, and 407 were completed. 6. Job Nos. 399, 400, 401, 403, and 407 were sold for $750,000 cash. Required: A. Complete the cost flow diagram and job order cost sheets and make the required general journal entries in the attached workpapers. Be sure to enter the beginning balances of the inventory accounts and be sure to compute and SHOW the ending balances of the accounts. (31 pts) Exam 1 Workpaper.pdf Exam 1 Workpaper.xlsx B. Verify the ending work in process and ending finished goods inventory balances by reconciling to the job cost sheets and SHOW this on your workpapers. (3 pts) C. Prepare the manufacturing statement and partial income statement. (9 pts) Upload your saved completed workpaper file here. 405 406 407 408 Exam 1 Job Order Costing Workpapers Raw Materials Inventory Factory Payroll D ? Factory Overhead 3 5 5 7 3 } D 2 3 5 5 7 B 9 O L e 3 I 5 5 2 JOB NO. Beg DM DL OH Total JOB NO. Beg DM DL OH Total COGM Job No. Work In Process Inventory Cost JOB NO. Beg DM DL OH Total JOB NO. Beg DM DL OH Total COGS Job No. Cost Finished Goods Inventory Computations Job No. JOB NO. Beg DM DL OH Total JOB NO. Beg DM DL OH Total Ending WIP Cost Cost of Goods Sold Expense Ending FG Cost Job No. JOB NO. Beg DM DL OH Total JOB NO. Beg DM DL OH Total GENERAL JOURNAL Manufacturing Schedule Beginning Raw Materials Raw Material Purchases Raw Materials Available for Use Ending Raw Materials Total Raw Materials Used Indirect Materials Direct Materials Direct Labor Factory Overhead Total Manufacturing Costs Beginning Work in Process Total Cost of Work in Process Ending Work in Process Cost of Goods Manufactured GENERAL JOURNAL Partial Income Statement Sales Cost of Goods Sold: Beginning Finished Goods. Cost of Goods Manufactured Cost of Goods Available for Sale Ending Finished Goosd Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Gross Profit Snoopy Company uses a job order costing system. The following inventory balances are available on January 1, 2020: Raw Materials $22,700 Work in Process $53,900 Finished Goods $94,600 The Work in Process Inventory consisted of 3 jobs: #401 $16,500; #402 $19,300; and #403 $18,100 The Finished Goods Inventory consisted of 2 jobs: #399 $51,700 and #400 $42,900 Snoopy uses a normal costing system with an overhead rate based on machine hours. The following budgeted information was available for the year 2020: Factory overhead costs $770,000 and machine hours 55,000. During the year 2020, the following transactions took place: 1. Raw materials costing $100,000 were purchased on account. 2. Total factory labor charges accrued were $189,600. 3. A summary of material requisitions and time tickets appeared as follows: Direct Material Machine Job No. Labor Requisitions Hours Cost 401 $4,400 $7,200 402 3,900 6,600 403 2,600 5,800 404 15,400 24,500 405 6,700 9,200 406 9,400 10,600 3,400 2,800 2,200 14,300 5,400 6,100 6,700 9,200 5,400 9,400 10,600 6,100 18,800 31,800 15,800 9,100 9,700 5,800 sub- $70,300 $105,400 55,800 total Indirect 28,500 84,200 Total $98,800 189,600 4. Other factory overhead costs include $385,000 depreciation on factory equipment, $12,500 of expired factory insurance, $88,000 of accrued property taxes, and $168,400 of miscellaneous factory costs paid in cash. 5. Job Nos. 401, 402, 403, 404, and 407 were completed. 6. Job Nos. 399, 400, 401, 403, and 407 were sold for $750,000 cash. Required: A. Complete the cost flow diagram and job order cost sheets and make the required general journal entries in the attached workpapers. Be sure to enter the beginning balances of the inventory accounts and be sure to compute and SHOW the ending balances of the accounts. (31 pts) Exam 1 Workpaper.pdf Exam 1 Workpaper.xlsx B. Verify the ending work in process and ending finished goods inventory balances by reconciling to the job cost sheets and SHOW this on your workpapers. (3 pts) C. Prepare the manufacturing statement and partial income statement. (9 pts) Upload your saved completed workpaper file here. 405 406 407 408 Exam 1 Job Order Costing Workpapers Raw Materials Inventory Factory Payroll D ? Factory Overhead 3 5 5 7 3 } D 2 3 5 5 7 B 9 O L e 3 I 5 5 2 JOB NO. Beg DM DL OH Total JOB NO. Beg DM DL OH Total COGM Job No. Work In Process Inventory Cost JOB NO. Beg DM DL OH Total JOB NO. Beg DM DL OH Total COGS Job No. Cost Finished Goods Inventory Computations Job No. JOB NO. Beg DM DL OH Total JOB NO. Beg DM DL OH Total Ending WIP Cost Cost of Goods Sold Expense Ending FG Cost Job No. JOB NO. Beg DM DL OH Total JOB NO. Beg DM DL OH Total GENERAL JOURNAL Manufacturing Schedule Beginning Raw Materials Raw Material Purchases Raw Materials Available for Use Ending Raw Materials Total Raw Materials Used Indirect Materials Direct Materials Direct Labor Factory Overhead Total Manufacturing Costs Beginning Work in Process Total Cost of Work in Process Ending Work in Process Cost of Goods Manufactured GENERAL JOURNAL Partial Income Statement Sales Cost of Goods Sold: Beginning Finished Goods. Cost of Goods Manufactured Cost of Goods Available for Sale Ending Finished Goosd Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Gross Profit