Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Jul 2017 My Price 12.00

Brady Company

Brady Company uses normal costing in its job-costing system. The company produces custom bikes for toddlers. The beginning balances (December 1) and ending balances (as of December 30) in their inventory accounts are as follows

Additional information follows:
a. Direct materials purchased during December were $65,400.
b. Cost of goods manufactured for December was $225,000.
c. No direct materials were returned to suppliers.
d. No units were started or completed on December 31.
e. The manufacturing labor costs for the December 31 working day: direct manufacturing labor, $3,850, and indirect manufacturing labor, $950.
f. Manufacturing overhead has been allocated at 120% of direct manufacturing labor costs through December 30.
Required: 
1. Prepare journal entries for the December 31 payroll.
2. Use T-accounts to compute the following:
a. The total amount of materials requisitioned into work in process during December
b. The total amount of direct manufacturing labor recorded in work in process during December 
c. The total amount of manufacturing overhead recorded in work in process during December. 
d. Ending balance in work in process, December 31
e. Cost of goods sold for December before adjustments for under- or overallocated manufacturing overhead
3. Prepare closing journal entries related to manufacturing overhead. Assume that all under- or overallocated manufacturing overhead is closed directly to Cost of GoodsSold

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Jul 2017 12:07 AM My Price 12.00

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