Financial Accounting Overhead Rate And Journal Entry Homework Help
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1.From the account balances listed below, prepare a schedule of cost of goods manufactured for Timmons Manufacturing Company for the month ended December 31, 2008.
Finished Goods Inventory, December 31 $42,000
Factory Supervisory Salaries 12,000
Income Tax Expense 18,000
Raw Materials Inventory, December 1 12,000
Work In Process Inventory, December 31 25,000
Sales Salaries Expense 14,000
Factory Depreciation Expense 8,000
Finished Goods Inventory, December 1 35,000
Raw Materials Purchases 95,000
Work In Process Inventory, December 1 30,000
Factory Utilities Expense 4,000
Direct Labour 70,000
Raw Materials Inventory, December 31 19,000
Sales Returns and Allowances 5,000
Indirect Labour 21,000
2.Listed below are selected items for Klugman Company at December 31, 2008.
Finished goods inventory $35,000
Short-term investments $28,000
Raw materials inventory 12,000
Prepaid expenses 2,000
Work in process inventory 18,000
Accounts receivable 4,000
Prepare the current assets section of the balance sheet. (Include a complete heading.)
3.Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June.
June 1 Purchased raw materials for $20,000 on account.
8 Raw materials requisitioned by production:
Direct materials $8,000
Indirect materials 1,000
15 Paid factory utilities, $2,100 and repairs for factory equipment, $3,000.
25 Incurred $84,000 of factory labor.
25 Time tickets indicated the following:
Direct Labor (5,000 hrs $12 per hr) = $60,000
Indirect Labor (3,000 hrs $8 per hr) = 24,000
4.Martin Co. applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for the year are as follows:
Actual manufacturing overhead $118,000
Estimated manufacturing overhead $110,000
Direct labor hours incurred 4,800
Direct labor hours estimated 5,000
Compute the predetermined overhead rate and the amount of applied manufacturing overhead.
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5.Account balances from Jolly B Manufacturing Company’s accounting records for the month ended December 31, 2011 appear below
Finished Goods Inventory, December 31 $ 15,600
Factory Supervisory Salaries 22,000
Income Tax Expense 12,000
Raw Materials Inventory, December 1 8,800
Work In Process Inventory, December 31 22,400
Sales Salaries Expense 12,300
Factory Depreciation Expense 2,000
Finished Goods Inventory, December 1 12,500
Raw Materials Purchases 234,000
Work In Process Inventory, December 1 16,000
Factory Utilities Expense 3,200
Direct Labor 54,000
Raw Materials Inventory, December 31 10,200
Sales Returns and Allowances 1,200
Indirect Labor 3,600
Instructions: Prepare a schedule of cost of goods manufactured for Jolly B Manufacturing Company for the month ended December 31, 2011.
Product Code: ACC537
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