Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Sep 2017 My Price 7.00

custom conveyor systems

Lowder, Inc., builds custom conveyor systems for warehouses and distribution cen- ters. During the month of July, the following occurred:

a.    Materials were purchased on account for $44,200.

b.    Materials totaling $27,000 were requisitioned for use in production—$12,500 for Job #703 and the remainder for Job #704.

c.     Direct labor payroll for the month was $28,200, with an average wage of $15 per hour. Job #703 required 780 direct labor hours; Job #704 required 1,100 direct labor hours.

d.    Actual overhead of $19,950 was incurred and paid.

e.     Overhead is charged to production at the rate of $10 per direct labor hour.

f.     Job #703 was completed and transferred to finished goods.

g.     Job #704, which was started during July, remained in process at the end of the month.

h.    Job #700, which had been completed in May, was sold on account for cost plus 40 percent.

Beginning balances as of July 1 were as follows:

 

Materials

$ 6,070

Work in Process (for Job #703)

13,000

Finished Goods (for Job #700)

6,240

 

Required

1.    Prepare the journal entries for events (a) through (e) above.

2.    Prepare simple job-order cost sheets for Jobs #703 and #704.

3.    Prepare the journal entries for events (f) and (h) above.

4.    Calculate the ending balances of:

 

 

 

 

 

 

 

a.      Materials

b.      Work in Process

c.       Finished Goods

 

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Sep 2017 11:09 AM My Price 7.00

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