Maurice Tutor

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Category > Accounting Posted 24 Sep 2017 My Price 9.00

Robert Perez

Robert Perez is a contractor specializing in custom-built jacuzzis. On May 1, 2012, his ledger contains the following data.

 

 

 

 

 

Raw Materials Inventory

 

 

30,000

 

 

Work in Process Inventory

 

 

12,200

 

 

Manufacturing Overhead

 

 

2,500 (dr.)

 

 

 

 

 

The Manufacturing Overhead account has debit totals of $12,500 and credit totals of $10,000. Subsidiary data for Work in Process Inventory on May 1 include:

 

 

 

 

 

Job Cost Sheets

 

 

Job

 

 

    

Manufacturing

 

 

by Customer

 

 

Direct Materials

 

 

Direct Labor

 

 

Overhead

 

 

Stiner

 

 

$2,500

 

 

$2,000

 

 

$1,400

 

 

Alton

 

 

2,000

 

 

1,200

 

 

840

 

 

Herman

 

 

900

 

 

800

 

 

560

 

 
 

$5,400

 

 

$4,000

 

 

$2,800

 

 

During May, the following costs were incurred: raw materials purchased on account $4,000, labor paid $7,000, and manufacturing overhead paid $1,400.

 

 

A summary of materials requisition slips and time tickets for the month of May reveals the following.

 

 

 

 

 

Job by Customer

 

 

Materials Requisition Slips

 

 

Time Tickets

 

 

Stiner

 

 

$500

 

 

$400

 

 

Alton

 

 

600

 

 

1,000

 

 

Herman

 

 

2,300

 

 

1,300

 

 

Smith

 

 

1,900

 

 

2,300

 

 
 

5,300

 

 

5,000

 

 

General use

 

 

1,500

 

 

2,000

 

 
 

$6,800

 

 

$7,000

 

 

Overhead was charged to jobs on the basis of $0.70 per dollar of direct labor cost. The jacuzzis for customers Stiner, Alton, and Herman were completed during May. The three jacuzzis were sold for a total of $36,000.

 

 

Instructions

 

 

(a) Prepare journal entries for the May transactions: (i) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (ii) assignment of raw materials, labor, and overhead to production; and (iii) completion of jobs and sale of goods.

 

 

(b) Post the entries to Work in Process Inventory.

 

 

(c) Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs.

 

 

(d) Prepare a cost of goods manufactured schedule for May.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 08:09 PM My Price 9.00

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