Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Stratasys, Ltd. is a manufacturer of 3D production systems. Assume that the company has a division that does custom prototypes for large clients. Production costs

image text in transcribed
Stratasys, Ltd. is a manufacturer of 3D production systems. Assume that the company has a division that does custom prototypes for large clients. Production costs are accounted for using a job cost system. Suppose that at the beginning of June 2017, raw materials inventories totaled $7,000; manufacturing supplies amount- ed to $800; two jobs were in processJob 225 with assigned costs of $13,750, and Job 226 with assigned costs of $1,800and there were no finished goods inventories. There was no underapplied or overapplied manufacturing overhead on June 1. The following information summarized June manufacturing activities: Purchased raw materials costing $40,000 on account. Purchased manufacturing supplies costing $9.000 on account. Requisitioned materials needed to complete Job 226. Started two new jobs, 227 and 228, and requisitioned direct materials for them as follows: Job 226........ Job 227.......... Job 228......... Total .......... $ 2,600 18,000 14,400 $35,000 Incurred June salaries and wages as follows: Job 225 (500 hours X $10 per hour).. Job 226 (1,500 hours X $10 per hour)... Job 227 (2,050 hours x $10 per hour).... Job 228 (800 hours x $10 per hour)..... Total direct labor. Indirect labor ......... Total ............. 5,000 15,000 20,500 8,000 48,500 5,000 $53,500 Used manufacturing supplies costing $5,500. Recognized depreciation on factory fixed assets of $5,000. Incurred miscellaneous manufacturing overhead cost of $10,750 on account. Applied manufacturing overhead at the rate of $5 per direct labor hour. Completed Jobs 225, 226, and 227. Required b. Show the job cost details to support the June 30, 2017, balances in Work-in-Process, Finished Goods and Cost of Goods Sold. c. Prepare a statement of cost of goods manufactured for June 2017

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: James Jiambalvo

4th edition

9780470546888, 9780470333341, 470546883, 470333340, 978-0470578797

More Books

Students also viewed these Accounting questions

Question

Explain what "95% confidence" means in a 95% confidence interval?

Answered: 1 week ago

Question

How flying airoplane?

Answered: 1 week ago