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Category > Accounting Posted 20 Dec 2017 My Price 10.00

T-Accounts; Overhead Rates; Journal Entries [LO3, LO4, LO5, LO7]

Problem 5-21 T-Accounts; Overhead Rates; Journal Entries [LO3, LO4, LO5, LO7]

Kenworth Company uses a job-order costing system. Only three jobs—Job 105, Job 106, and Job 107—were worked on during November and December. Job 105 was completed on December 10; the other two jobs were still in production on December 31, the end of the company’s operating year. Data from the job cost sheets of the three jobs follow:

 

   Job Cost Sheet
 

 
   Job 105 Job 106 Job 107
  November costs incurred:                  
     Direct materials $ 20,100   $ 12,900   $ 0  
     Direct labour $ 16,600   $ 10,600   $ 0  
     Manufacturing overhead $ 24,900   $ 15,900   $ 0  
  December costs incurred:                  
     Direct materials $ 0   $ 10,000   $ 28,500  
     Direct labour $ 6,700   $ 7,800   $ 13,600  
     Manufacturing overhead   ?     ?     ?  

 

 

The following additional information is available:
a. Manufacturing overhead is applied to jobs on the basis of direct labour cost.
b. Balances in the inventory accounts at November 30 were as follows:

  

    
  Raw Materials $ 50,800  
  Work in Process   ?  
  Finished Goods $ 103,000  

 

   

Required:
1.

Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead. Enter the November 30 inventory balances given above; in the case of Work in Process, compute the November 30 balance and enter it into the Work in Process T-account.

  

   

 2. Prepare journal entries for December as follows:
a.

Prepare an entry to record the issue of materials into production and post the entry to appropriate T-accounts. (In the case of direct materials, it is not necessary to make a separate entry for each job.) Indirect materials used during December totalled $6,700. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

 

Answers

CourseLover
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Status NEW Posted 20 Dec 2017 04:12 PM My Price 10.00

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