The Requires portion is what needs to be answered. This is a Job Order Costing problem
This is the portion of the question that needs to be answered.
| 2 | 3 Beginning Balances: | 4 Cash 5 FG Inv. 10,000 units@ $200 6 Equipment 7 Accumulated Depr 8 Accounts Payable 9 Notes Payable 10 Common Stock 11 Retained Earnings 12 400,000 2,000,000 800,000 200,000 50,000 600,000 200,000 13 Assumptions: 14 Ink 1@20 1@10 15 Paper 16 Labor Rate 17 Labor Productivity 18 Manufacturing Overhead 19 Production Quantity 20 Selling Price Multiple $15 per hr 5 per. Hour $500,000 100,000 21 $200,000 $50,000 110,000 120,000 100,000 unit 100,000 unit 21,000. hrs 21,000. hrs 80,000 22 Journal Entries: 23 1. Additional Common Stk 24 2. Paid on Note Payable 25 3.Purchased Ink 26 4. Purchased Paper | 27 5. Transferred Ink to WIP 28 6. Transferred Paper to WIP 29 7. Actual Labor Hours 30 8. Appied Manufacturing Overhead 31 9. Units completed with 80% Raw 32 Materials and 100% of Labor and 33 Overhead transferred to FG 34 10. Cash Sales, FIFO Inventory Costing 35 11. Actual. MOH 36 Depr 37 Other 38 39 10. Record over or under applied MOH 40 11. Selling Expenses 41 12. Administrative Expenses 42 13. Dividends 70,000 $300,000 $210,000 30% of sales $2,000,000 $200,000 45 Requires: 46 1. Post initial account balances to ledger 47 2. Calculate Unit Cost, SP & POR 48 3. Record 13 journal entries 49 4. Post to ledger 50 5. Prepare trial balance 51 6. Prepare COGM Schedule 52 7. Prepare COGS Statement 53 8. Income Statement 54 9. Statement of RE 55 10. Balance Sheet 56 11. Statement of Cash Flow 57 12. Closing Entries 45 Requires: 46 1. Post initial account balances to ledger 47 2. Calculate Unit Cost, SP & POR 48 3. Record 13 journal entries 49 4. Post to ledger 50 5. Prepare trial balance 51 6. Prepare COGM Schedule 52 7. Prepare COGS Statement 53 8. Income Statement 54 9. Statement of RE 55 10. Balance Sheet 56 11. Statement of Cash Flow 57 12. Closing Entries | 2 | 3 Beginning Balances: | 4 Cash 5 FG Inv. 10,000 units@ $200 6 Equipment 7 Accumulated Depr 8 Accounts Payable 9 Notes Payable 10 Common Stock 11 Retained Earnings 12 400,000 2,000,000 800,000 200,000 50,000 600,000 200,000 13 Assumptions: 14 Ink 1@20 1@10 15 Paper 16 Labor Rate 17 Labor Productivity 18 Manufacturing Overhead 19 Production Quantity 20 Selling Price Multiple $15 per hr 5 per. Hour $500,000 100,000 21 $200,000 $50,000 110,000 120,000 100,000 unit 100,000 unit 21,000. hrs 21,000. hrs 80,000 22 Journal Entries: 23 1. Additional Common Stk 24 2. Paid on Note Payable 25 3.Purchased Ink 26 4. Purchased Paper | 27 5. Transferred Ink to WIP 28 6. Transferred Paper to WIP 29 7. Actual Labor Hours 30 8. Appied Manufacturing Overhead 31 9. Units completed with 80% Raw 32 Materials and 100% of Labor and 33 Overhead transferred to FG 34 10. Cash Sales, FIFO Inventory Costing 35 11. Actual. MOH 36 Depr 37 Other 38 39 10. Record over or under applied MOH 40 11. Selling Expenses 41 12. Administrative Expenses 42 13. Dividends 70,000 $300,000 $210,000 30% of sales $2,000,000 $200,000 45 Requires: 46 1. Post initial account balances to ledger 47 2. Calculate Unit Cost, SP & POR 48 3. Record 13 journal entries 49 4. Post to ledger 50 5. Prepare trial balance 51 6. Prepare COGM Schedule 52 7. Prepare COGS Statement 53 8. Income Statement 54 9. Statement of RE 55 10. Balance Sheet 56 11. Statement of Cash Flow 57 12. Closing Entries 45 Requires: 46 1. Post initial account balances to ledger 47 2. Calculate Unit Cost, SP & POR 48 3. Record 13 journal entries 49 4. Post to ledger 50 5. Prepare trial balance 51 6. Prepare COGM Schedule 52 7. Prepare COGS Statement 53 8. Income Statement 54 9. Statement of RE 55 10. Balance Sheet 56 11. Statement of Cash Flow 57 12. Closing Entries
