work sheet

Chapter 4: Job-Order Costing Flow of costs through general ledger: Example During Q1 of 2019, two jobs were worked on (Job A and Job B). The following costs were incurred during Q1. Job Cost Sheet Job Cost Sheet Job A Job B $20,000 I__ $20,000 $15,000 $30 000 $30 000 Ql Material Requisition Form Q1 Various Time Tickets $40 000 $70 000 Further Information: 1) Raw material inventory on 11142019 was $5,000. 2) Finished Goods inventory on Ill/2019 was $0 3) Raw material purchases on account during Q1 were $50,000. 4) Overhead costs incurred in Q1: 0 Utilities $30,000 0 Rents $ 1 0,000 0 Misc. factory overhead $5,000 5) Property taxes accrued for the quarter $5,000; monthly prepaid insurance expiring $1,000 on factory building and equipment. 6) Depreciation recognized on equipment in factory for the period $5,000. 7) Allocation base is direct labor hours. The pre-established manufacturing overhead rate is $801 DL hour. The DL hours spent on Job A is 300 and Job B is 700. 8) Job A was completed by the end of Q1, whereas Job B was still in process. 9) Job A was sold on March 281}) at a price of $125,000, on account. 10) Quarterly headquarter expenses are: I Building depreciation $5,000 0 Property taxes $2,000 0 Utilities $3,000 11) Salaries and wages of administrative and sales staff is $15,000 quarterly. Required: 1. Record all journal entries and post the entries to the Raw Materials Control, WIP Control, Manufacturing Overhead Control, FG Control and Cost of Goods Sold T-accounts. 2. Prepare a statement of Cost of Good Manufactured and Cost of Goods Sold for the applicable quarter. 3. Prepare an Income Statement for the applicable quarter