Maurice Tutor

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Category > Accounting Posted 05 Aug 2017 My Price 15.00

Custom Metal Works

Custom Metal Works produces castings and other metal parts to customer specifications. The company uses a job-ordercosting systemand applies overhead costs to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,320,000 in manufacturing overhead cost at an activity level of 576,000 machine-hours.


The company had nowork in processat the beginning of the year. The company spent the entire month of January working on one large order—Job 382, which was an order for 8,000 machined parts. Cost data for January follow:

 

a. Raw materials purchased on account, $315,000.
b. Raw materials requisitioned for production, $270,000 (80% direct and 20% indirect).
c. Labor cost incurred in the factory, $190,000, of which $80,000 wasdirect laborand $110,000 was indirect labor.
d. Depreciation recorded on factory equipment, $63,000.
e. Other manufacturing overhead costs incurred, $85,000 (credit AccountsPayable).
f.

Manufacturingoverhead costwas applied to production on the basis of 40,000 machine-hours actually worked during January.
g.

The completed job was moved into the finished goods warehouse on January 31 to await delivery to the customer. (In computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor, andappliedoverhead.)

 

Required:
1.

Prepare journal entries to record items (a) through (f) above. Ignore item (g) for the moment.(Do not round intermediate calculations.)

 

  General Journal Debit Credit
a. (Click to select)Wages and salaries payableRaw materialsAccounts receivableManufacturing overheadAccounts payableWork in processFinished goodsAccumulated depreciation    
  (Click to select)Accounts receivableAccumulated depreciationWages and salaries payableWork in processManufacturing overheadFinished goodsAccounts payableRaw materials    
       
b. (Click to select)Manufacturing overheadWages and salaries payableAccounts receivableAccumulated depreciationAccounts payableWork in processFinished goodsRaw materials    
  (Click to select)Manufacturing overheadAccounts payableAccounts receivableWork in processAccumulated depreciationFinished goodsWages and salaries payableRaw materials    
  (Click to select)Accumulated depreciationManufacturing overheadRaw materialsAccounts receivableAccounts payableFinished goodsWork in processWages and salaries payable    
       
c. (Click to select)Raw materialsAccumulated depreciationAccounts payableAccounts receivableFinished goodsWages and salaries payableWork in processManufacturing overhead    
  (Click to select)Accumulated depreciationAccounts receivableWork in processManufacturing overheadFinished goodsAccounts payableWages and salaries payableRaw materials    
  (Click to select)Manufacturing overheadWork in processAccounts receivableRaw materialsAccumulated depreciationAccounts payableWages and salaries payableFinished goods    
       
d. (Click to select)Accounts payableFinished goodsManufacturing overheadWork in processAccumulated depreciationRaw materialsAccounts receivableWages and salaries payable    
  (Click to select)Accumulated depreciationAccounts receivableFinished goodsRaw materialsWork in processWages and salaries payableAccounts payableManufacturing overhead    
       
e. (Click to select)Raw materialsFinished goodsWages and salaries payableWork in processAccounts receivableManufacturing overheadAccounts payableAccumulated depreciation    
  (Click to select)Accounts payableFinished goodsManufacturing overheadRaw materialsAccounts receivableWages and salaries payableWork in processAccumulated depreciation    
       
f. (Click to select)Accounts payableManufacturing overheadFinished goodsRaw materialsWork in processWages and salaries payableAccumulated depreciationAccounts receivable    
  (Click to select)Finished goodsWages and salaries payableAccumulated depreciationRaw materialsAccounts payableAccounts receivableManufacturing overheadWork in process    

 

2.

Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these T-accounts.(Do not round intermediate calculations. Record the transactions in the given order.)

 

Manufacturing Overhead
 
(Click to select)(a)(b)(c)(d)(e)(f)(g)   (Click to select)(a)(b)(c)(d)(e)(f)(g)  
(Click to select)(a)(b)(c)(d)(e)(f)(g)      
(Click to select)(a)(b)(c)(d)(e)(f)(g)      
(Click to select)(a)(b)(c)(d)(e)(f)(g)      

 

Work in Process
 
(Click to select)(a)(b)(c)(d)(e)(f)(g)      
(Click to select)(a)(b)(c)(d)(e)(f)(g)      
(Click to select)(a)(b)(c)(d)(e)(f)(g)      

 

3. Prepare a journal entry for item (g) above.(Do not round intermediate calculations.)

 

  General Journal Debit Credit
g. (Click to select)Work in processWages and salaries payableAccumulated depreciationFinished goodsManufacturing overheadAccounts payableAccounts receivableRaw materials    
  (Click to select)Raw materialsManufacturing overheadFinished goodsWork in processWages and salaries payableAccounts receivableAccumulated depreciationAccounts payable    

 

4.

Compute the unitproduct costthat will appear on the job cost sheet for Job 382.(Do not round intermediate calculations. Round your answer to 2 decimal places.)

 

Unit product cost $per unit

 

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 10:08 PM My Price 15.00

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