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Solution Library
Preparation of Balances of Inventory
Question
GIVEN: Example Manufacturing Company uses a job order costing system. The following information summarizes its operations related to production for January, its first month of operations.
A. Purchased production materials on account, $85,000.
B. Production materials of $90,000 were requisitioned to the factory for the five jobs started in January and for general factory use as follows:
|
Job |
Materials |
|
Job No. 1001 |
$15,000 |
|
Job No. 1002 |
14,000 |
|
Job No. 1003 |
11,800 |
|
Job No. 1004 |
20,200 |
|
Job No. 1005 |
22,000 |
|
General factory use |
7,000 |
|
|
$90,000 |
C. Factory labor costs of $71,000 were incurred. The employee time tickets provided the following:
|
Job |
Factory Labor |
|
Job No. 1001 |
$ 10,000 |
|
Job No. 1002 |
11,750 |
|
Job No. 1003 |
10,250 |
|
Job No. 1004 |
14,800 |
|
Job No. 1005 |
18,200 |
|
General factory use |
6,000 |
|
|
$71,000 |
D. Factory overhead is allocated to jobs at a rate of $50 per machine hour. Machine hours used were:
|
Job |
Machine Hours |
|
Job No. 1001 |
105 |
|
Job No. 1002 |
110 |
|
Job No. 1003 |
95 |
|
Job No. 1004 |
150 |
|
Job No. 1005 |
120 |
|
|
580 |
E. Depreciation on the factory machinery and equipment was $6,500.
F. Factory overhead costs incurred on account were $9,800.
G. Jobs 1001, 1002 and 1004 were completed.
H. Jobs 1001 and 1002 were shipped and the customers were billed $100,000 for job 1001 and $111,000 for job 1002.
What are the January 31 balances for each of the following accounts? Support your answers by indicating the jobs in that balance.
Work in Process Inventory
Finished Goods Inventory
Cost of Goods Sold
Summary
This question belongs to accounting and discusses about summarizing manufacturing costs, journal entries, inventory, cost of goods sold and profit of a company based on the given data.
Total word count: 14
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