Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Waddell Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 20Y4, the first month of

Waddell Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 20Y4, the first month of operations:

  1. Materials purchased on account, $36,000.
  2. Materials requisitioned and factory labor used:
    Job Materials Factory Labor
    No. 401 $5,500 $6,650
    No. 402 4,000 4,775
    No. 403 2,400 1,875
    No. 404 7,100 8,500
    No. 405 3,200 4,000
    No. 406 1,850 2,200
    For general factory use 3,150 1,500
  3. Factory overhead costs incurred on account, $6,000.
  4. Depreciation of machinery and equipment, $1,550.
  5. The factory overhead rate is $40 per machine hour. Machine hours used:
    Job Machine Hours
    No. 401 38
    No. 402 30
    No. 403 18
    No. 404 56
    No. 405 24
    No. 406 14
    Total 180
  6. Jobs completed: 401, 402, 403, and 405.
  7. Jobs were shipped and customers were billed as follows: Job 401 $22,750, Job 402 $16,600, Job 403 $8,400.

Instructions:

1. Prepare a schedule summarizing manufacturing costs by job for April.

Waddell Equipment Company
Schedule Summarizing Manufacturing Costs
For the Month of April 30, 20Y4
Job Direct Materials Direct Labor Factory Overhead Total
No. 401 $fill in the blank 55e70cfeffa9fb9_1 $fill in the blank 55e70cfeffa9fb9_2 $fill in the blank 55e70cfeffa9fb9_3 $fill in the blank 55e70cfeffa9fb9_4
No. 402 fill in the blank 55e70cfeffa9fb9_5 fill in the blank 55e70cfeffa9fb9_6 fill in the blank 55e70cfeffa9fb9_7 fill in the blank 55e70cfeffa9fb9_8
No. 403 fill in the blank 55e70cfeffa9fb9_9 fill in the blank 55e70cfeffa9fb9_10 fill in the blank 55e70cfeffa9fb9_11 fill in the blank 55e70cfeffa9fb9_12
No. 404 fill in the blank 55e70cfeffa9fb9_13 fill in the blank 55e70cfeffa9fb9_14 fill in the blank 55e70cfeffa9fb9_15 fill in the blank 55e70cfeffa9fb9_16
No. 405 fill in the blank 55e70cfeffa9fb9_17 fill in the blank 55e70cfeffa9fb9_18 fill in the blank 55e70cfeffa9fb9_19 fill in the blank 55e70cfeffa9fb9_20
No. 406 fill in the blank 55e70cfeffa9fb9_21 fill in the blank 55e70cfeffa9fb9_22 fill in the blank 55e70cfeffa9fb9_23 fill in the blank 55e70cfeffa9fb9_24
Total $fill in the blank 55e70cfeffa9fb9_25

Feedback

Multiply the factory overhead rate by the number of machine hours for each job. Include the direct materials, direct factory labor, and factory overhead for each job.

2. Prepare a schedule of jobs finished in April.

Waddell Equipment Company
Schedule of Jobs Finished
For the Month of April 30, 20Y4
Job Direct Materials Direct Labor Factory Overhead Total
No. 401 $fill in the blank 445ea50b103004a_1 $fill in the blank 445ea50b103004a_2 $fill in the blank 445ea50b103004a_3 $fill in the blank 445ea50b103004a_4
No. 402 fill in the blank 445ea50b103004a_5 fill in the blank 445ea50b103004a_6 fill in the blank 445ea50b103004a_7 fill in the blank 445ea50b103004a_8
No. 403 fill in the blank 445ea50b103004a_9 fill in the blank 445ea50b103004a_10 fill in the blank 445ea50b103004a_11 fill in the blank 445ea50b103004a_12
No. 405 fill in the blank 445ea50b103004a_13 fill in the blank 445ea50b103004a_14 fill in the blank 445ea50b103004a_15 fill in the blank 445ea50b103004a_16
Total $fill in the blank 445ea50b103004a_17

Feedback

Include the direct materials, direct labor, and factory overhead for each finished job.

3. Prepare a schedule of jobs sold in April.

Waddell Equipment Company
Schedule of Jobs Sold
For the Month of April 30, 20Y4
Job
No. 401 $fill in the blank 980ef5f3c038017_1
No. 402 fill in the blank 980ef5f3c038017_2
No. 403 fill in the blank 980ef5f3c038017_3
Total $fill in the blank 980ef5f3c038017_4

Feedback

Include the total costs for each job sold. Recall that these costs become part of the cost of goods sold account.

What account does this schedule support for the month of April? Cost of goods sold

Feedback

Include the total costs for each job sold. Recall that these costs become part of the cost of goods sold account.

4. Prepare a schedule of completed jobs on hand as of April 30, 20Y4.

Waddell Equipment Company
Schedule of Completed Jobs on Hand
For the Month of April 30, 20Y4
Job Direct Materials Direct Labor Factory Overhead Total
Finished Goods, April 30 (Job 405) $fill in the blank 74492806ef8103d_1 $fill in the blank 74492806ef8103d_2 $fill in the blank 74492806ef8103d_3 $fill in the blank 74492806ef8103d_4

Feedback

Include the direct materials, direct labor, and factory overhead for each job finished but not sold. Remember that this is listed as finished goods inventory.

What account does this schedule support? Finished goods

Feedback

Include the direct materials, direct labor, and factory overhead for each job finished but not sold. Remember that this is listed as finished goods inventory.

5. Prepare a schedule of unfinished jobs as of April 30, 20Y4.

Waddell Equipment Company
Schedule of Unfinished Jobs
For the Month of April 30, 20Y4
Job Direct Materials Direct Labor Factory Overhead Total
No. 404 $fill in the blank eb6a88faf035fb3_1 $fill in the blank eb6a88faf035fb3_2 $fill in the blank eb6a88faf035fb3_3 $fill in the blank eb6a88faf035fb3_4
No. 406 fill in the blank eb6a88faf035fb3_5 fill in the blank eb6a88faf035fb3_6 fill in the blank eb6a88faf035fb3_7 fill in the blank eb6a88faf035fb3_8
Balance of Work in Process, April 30 $fill in the blank eb6a88faf035fb3_9

Feedback

Include the direct materials, direct labor, and factory overhead for each job that remained unfinished. Remember that this is listed as work-in-process inventory.

What account does this schedule support? Work in process

Feedback

Include the direct materials, direct labor, and factory overhead for each job that remained unfinished. Remember that this is listed as work-in-process inventory.

6. Determine the gross profit for April based upon the jobs sold. Ignore the difference between actual and applied factory overhead. $fill in the blank b629e1fbff83ff4_1

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

Fundamentals Of Accounting Course 2

Authors: Claudia B. Gilbertson

9th Edition

053844827X, 9780538448277

More Books

Students also viewed these Accounting questions

Question

Produce a nine-step process for conducting a literature review.

Answered: 1 week ago