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Category > Accounting Posted 02 Aug 2017 My Price 13.00

Farina Bay s computer system

Farina Bay s computer system generated the following trial balance on December 31, 2013. The company s manager knows something is wrong with the trial balance because it does not show any balance for Goods in Process Inventory but does show balances for the Factory Payroll and Factory Overhead accounts.

 

    Debit     Credit  
Cash $ 45,000        
Accounts receivable   39,000        
Raw materials inventory   24,500        
Goods in process inventory   0        
Finished goods inventory   9,000        
Prepaid rent   3,000        
Accounts payable       $ 11,100  
Notes payable         14,100  
Common stock         30,000  
Retained earnings         93,000  
Sales         162,300  
Cost of goods sold   106,000        
Factory payroll   18,000        
Factory overhead   28,000        
Operating expenses   38,000        
 
 
 
Totals $ 310,500   $ 310,500  
 
 
 

 

After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date.

 

 
Materials requisition 21-3010:   $ 4,300 direct materials to Job 402
Materials requisition 21-3011:   $ 7,600 direct materials to Job 404
Materials requisition 21-3012:   $ 1,700 indirect materials
Labor time ticket 6052:   $ 3,000 direct labor to Job 402
Labor time ticket 6053:   $ 12,000 direct labor to Job 404
Labor time ticket 6054:   $ 3,000 indirect labor

 

Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 200% of direct labor cost.



8.value:
1.50 points

a. Direct materials costs to Goods in Process Inventory.
b. Direct labor costs to Goods in Process Inventory.
c. Overhead costs to Goods in Process Inventory.
d. Indirect materials costs to the Factory Overhead account.
e. Indirect labor costs to the Factory Overhead account.

 

Required:
1.

Prepare journal entries to assign the above costs.

  • Record direct materials costs for Jobs 402 and 404.
  • 2.Record direct labor costs for Jobs 402 and 404.
  • 3.Record the entry to allocate overheads to Jobs 402 and 404 at 200% of direct labor costs assigned.
  • 4.Record entry to assign cost of indirect materials.
  • 5.Record entry to assign cost of indirect labor

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 10:08 AM My Price 13.00

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