Cost Accounting Cycle And Factory Ledger Entries Homework Help
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1.You have taken over a set of accounting books for a small business as a part-time job. At the end of the first accounting period, you have partially completed the work sheet by entering the proper ledger accounts and balances in the Trial Balance columns. You turn to the manager and ask, “Where is the list of additional information I can use in entering the adjusting entries?” The manager indicates there is no such list. In all the text problems you have done, you have always been given this information. How would you obtain the information for this real-life situation?
2.Factory Ledger Entries.
The Henderson Company uses a general ledger and a factory ledger. The following transactions took place:
Nov. 2. Purchased raw materials for the factory, $20,000. Terms 1 /1O, n/60.
4. Requisitions of $4,000 of direct materials and $2,000 of indirect materials were filled from the stockroom.
8. Factory payroll of $2,000 for the week was made up at the home office; $1,730 in cash was sent to the factory. FICA tax was $90, and income tax was $180 ($1,880 direct labor; $120 factory repair).
14. Depreciation of $200 for factory equipment was recorded. (Assets and accumulated depreciation accounts are kept on the general office books.)
14. A job was completed in the factory with $960 direct labor and $450 of materials being previously charged to the job. Factory overhead is to be applied at an overhead rate of 66%% of direct labor. Nov.
15. Miscellaneous factory overhead amounting to $800 was paid by the home office and transferred to the factory.
16. The job completed on the 14th was shipped to Sully Marx on instructions from the home office. Customer was billed for $2,300.
Journal entries on the factory books and the general office books.
3.Cost Accounting Cycle Entries.
Bayside Company completed transactions during the first half of September:
Sept. 1. Purchased grease, oil, and cleaning compound for factory use from Deaton Supply Company, $400. Terms 1/10, n/30.
3. Purchased an electric motor from Lee Electrical Manufacturing Company listed at $3,400. Freight charges amounted to $225 and testing and installation charges were $175. Terms of sale were: one half down plus freight and installation charges with a cash discount of 1% on the list price; balance due in two equal monthly installments with a 2% discount on the first installment if paid by October 1.
5. Paid Terrell Service Company for repairs to factory machinery, $125.
6. Purchased raw materials from Ramel & Ruble Assembling Company, $5,000. Terms: 2/10, n/30.
8. Recorded payroll for the week, $1,900. Payroll was distributed as follows:
1 1 . Returned $ 1 80 of water damaged cleaning compound for credit purchased on September 1 from Deaton Supply Company.
13. Paid account of Ramel & Ruble Assembling Company.
15. Paid rent bill from Highside Realtors, $300. Of this amount, 10% is for administrative office and 30% for sales office.
Record the above transactions by means of journal entries.
4. Factory Overhead Rate and Relationship of Cost Elements.
A schedule of cost of goods manufactured shows
|Work in process, ending inventory||120,000|
(1) The rate of factory overhead to direct labor cost.
(2) The cost of direct materials included in the work in process ending inventory, assuming that the direct labor cost included in the inventory of work in process is $40,000.
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5.T Accounts Showing Flow of Cost. The Baton Rouge Chemical Company had the following inventories on September 1
|Raw materials||$40,000||Work in process — materials||$15,000|
|Finished goods||25,000||Work in process — labor||18,000|
|Work in process — factory overhead||1 3,500|
During the month of September the cost of materials purchased was $100,000, direct labor cost incurred was $90,000, and factory overhead applicable to production was 75% of the direct labor cost. The September 30 inventories were
|Raw materials||$30,000||Work in process — materials||$12,000|
|Finished goods||47,000||Work in process — labor||20,000|
|Work in process — factory overhead||15,000|
Using three accounts for work in process, prepare T accounts showing the flow of the cost of goods manufactured and sold.
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