-
+1 - 312-224-1615
Get in touch with us
-
support@helpwithassignment.com
Send us an e-mail
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
Download Full Solution
WHAT OUR STUDENTS SAY
1. Process control assignments in chemical engineering were a very difficult challenge for me. I was totally unsure about the application of laplace transform and differential equation in chemistry. Then I came across HwA and their experts are truly knowledgeable. She helped me with my assignments and showed, actually how easy it is.
Laurie Bunting Student
1. As my parents are both cost accountants, I thought that accounting is my blood. However, everything is not that easy as I often failed to match my trial balance and was finding it problematic to write my cash-flow statements. I knew I need assistance apart from the help that I get from my accounting professor. So when I saw TheReliableTutor.com, I was happy as they helped me solve my accounting homework. I even got good grades now.
Xavier Giovani Student
The coding is without flaw and only minor changes may have to be made now and then in the Programming assignment help that I have been receiving from TheReliableTutor. The packages are very affordable, that coupled with the highly qualified and professional online programming assignment experts residing in Singapore has definitely helped me get the top grades and hassle free services.
Lee Yeo Student
I was very impressed by the time and effort that was put into writing my instrumentation engineering assignment by the assignment expert at HwA. No matter what time of the day or how late into the night it was my assignment help expert was always available to answer my queries and help me write the resistance assignment essay. I got an A grade in the assignment and that has greatly boosted the overall grade for the semester.
Charles Huang Student
Operations management was my minor during my MBA but I faced much challenges with the problems and assignments. So once when I was stuck with my supply chain management assignment my friend Joan told me about this website. The feedback I got from them was very positive and the assignment was also very well done. All the calculations and the charts were displayed in proper manner and from then onwards I constantly took help from them.
Lisa Gracey Student
Comments
this is a very good website
I have 50 questions for the same test your page is showing only 28
hi can you please help or guide me to answer my assignments. thanks
hi can anyone help or guide me to my assignments. thanks
This solution is perfect ...thanks
Hello Allison,I love the 2nd image that you did! I also, had never heard of SumoPaint, is something that I will have to exolpre a bit! I understand completely the 52 (or so) youtube videos that you probably watched. Sometimes they have what you want, sometimes they don't! However, it is always satisfying when you are able to produce something that you have taught yourself. Great job!Debra 0 likes
Perfect bank of solution.
great !
thanks for the quick response. the solution looks good. :)
thnx for the answer. it was perfect. just the way i wanted it.
works fine.