Case #1: Teacher Products Inc.
Case #1:
Teacher Products Inc. produces stars for elementary teachers to reward their students. Teacher
Products’ trial balance on September 1 follows: September 1 balances in the subsidiary ledgers were: Materials sub-ledger: $4,600 paper and $1,400 indirect
WIP sub-ledger - job 120 $39,500; $0 for job 121
Finished goods sub-ledger - $7,900 large stars and $12,300 small stars September transactions are summarized as follows:
1. Collections on account, $153,000 2. Marketing and general expenses incurred and paid, $28,000 3. Payments on account, $41,000 4. Materials purchases on credit: paper, $4,600; indirect materials, $4,600 5. Materials used in production (requisitioned): Job 120: paper, $800 Job 121: paper, $7,650 Indirect materials, $1,800 6. Manufacturing wages incurred during September, $37,000, of which $34,300 was paid. Wages
payable at August 31 were paid during September, $2,900 7. Labor time records for the month: Job 120, $3,700; Job 121, $18,800; indirect labor, $14,500 8. Depreciation on plant and equipment, $3,300 9. Manufacturing overhead was allocated at the predetermined rate of 80% of direct labor cost 10. Jobs completed during the month: Job 120, 800,000 Large Stars at total cost of $46,960 11. Credit sales on account: all of Job 120 for $105,000 12. Closed the MOH account to COGS.
Requirements:
1. Record the September transactions. Teachers Products uses a perpetual inventory
system. Number the transactions.
2. Prepare a trial balance at September 30.
3. Prepare a Cost of Goods Manufactured Statement for September.
4. Prepare an income statement for the month of September.
Attachments:
Answers
Status NEW
Posted 21 Apr 2017 02:04 AM
My Price 10.00
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Attachments
file 1492742860-Solutions file.docx preview (56 words )
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