39.     LO.4 (Simple inventory calculation) Production data for the first week in November 2010 for Florida Fabricators were as follows:

 

WORK IN PROCESS INVENTORY

 

Date	Job No.	Material	Labor	Machine Time (Overhead)
Nov. 1	411	$1,900	36 hours	50 hours
1	412	1,240	10 hours	30 hours
7	417	620	8 hours	16 hours

 

Finished Goods Inventory, Nov. 1: $23,800 Finished Goods Inventory, Nov. 5: $0

MATERIAL RECORDS

 

Type	Inv. 11/1	Purchases	Issuances	Inv. 11/5
Aluminum	$ 8,300	$98,300	$58,700	$ ?
Steel	12,800	26,500	34,200	$ ?
Other	5,800	23,550	25,900	$ ?

 

Direct labor hours worked in the first week of November were 680 at a cost of $15 per direct labor hour. Machine hours worked that week were 1,200. Overhead for first week in November was as follows:

 

Depreciation	$ 9,000
Supervisor salaries	14,400
Indirect labor	8,350
Insurance	2,800
Utilities	2,250
Total	$36,800

Overhead is applied to production at a rate of $30 per machine hour. Underapplied or overapplied overhead is treated as an adjustment to Cost of Goods Sold at year-end.

All company jobs are consecutively numbered, and all work not in ending Finished Goods Inventory has been completed and sold. The only job in progress on November 5 was #417.

 

 

 

 

Determine the following balances on November 5:

a.     the three raw material accounts

b.    Work in Process Inventory

c.     Cost of Goods Sold