Accounting Factory Ledger Entries Assignment Homework Help
- November 4, 2017
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- Category: Accounting QA
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Factory Ledger Entries
Spacecraft Corporation has its general office in Philadelphia, Pennsylvania, and its factories in nearby Trenton, New Jersey, and Pottstown, Pennsylvania. A separate set of records is kept at the general office and at the factories.
On January 1 the factory books showed the following
Trenton | Pottstown | |||
Materials | $25,000 | $24,000 | ||
Work in Process | 13,500 | 15,000 | ||
Finished Goods | 9,000 | 10,000 | ||
General Ledger | $47,500 | $49,000 | ||
Total | $47,500 | $47,500 | $49,000 | $49,000 |
The following transactions were completed during the month
Trenton | Pottstown | |
(a) Materials purchases | $29,000 | $26,000 |
(b) Materials requisitions | ||
Direct | 35,000 | 32,000 |
Indirect | 6,000 | 4,000 |
(c) Return of materials to suppliers | ||
(d) Payments to vendors (less 2% discount) | 400 | 550 |
(e) Payrolls for the month | 30,000 | 25,000 |
Direct labor ($3 per hour) | 15,000 | 1 1,400 |
Indirect labor | 3,500 | 2,900 |
Sales salaries | $2,800 |
Office salaries | 2,300 |
(Deduct 6% for PICA tax and 10% for federal income tax.) | |
(Liability for the payrolls and payroll taxes is kept on the home office books.) |
(f) Workers are paid, and employer’s payroll taxes are recorded. The state unemployment insurance rate is 2%, the federal unemployment insurance rate is ,5%, and employer PICA tax is 6%.
(g) Sundry factory overhead expenses $17,000 $15,000
(h) Factory overhead applied to production at $5 per direct labor hour.
(i) Goods completed amounted to 80% of the total cost in the work in process accounts.
(j) Finished goods amounting to $114,000 were shipped to customers -$65,000 from the Trenton plant and $49,000 from the Pottstown plant. (A gross profit of 25% of the sales price is made on these shipments.)
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Required
Using three parallel vertical columns headed General Office, Trenton Plant, and Pottstown Plant, prepare entries in journal form to record the January transactions. Use one work in process account for each plant
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