I just need help with setting up the T-Accounts for this problem3D Sun Jul 17 9:48 AM
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2. Dutermine the amount of over underapplied overhead
Manufacturing wheel
4. Completed gross profil assuming that any over or underapplied overhead balance is adjusted
directly to Cost of Good Gold
Adjustedes
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Other A
Cash Payables,
Sales Revenue
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20.000
End
End. Bal
20.000
2. Determine how much of the company would report during the month of January bere any
justment is made for the overhead balance
Gross Profit
2 Dutermine the amount of over or undercoledad
28
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Raw Materiale inventory
Work in Process story
20.000
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15.000
20.000
Endel
1.000
15.000
Custoode Bold
Finished Goods Inventory
32.000
Beg
Beg
End
22.000
En el
Manufacturing Overhead
Selling, General and Administrative Expenses
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Beg
End
End
Sales Revenue
Other Account
Cush, Payables, etc.)
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PA2-5 Recording Manufacturing Costs and Analyzing Manufacturing Overhead [LO 2-3,2-4, 2-5]
Christopher’s Custom Cabinet Company uses a job order cost system with overhead applied as a
percentage of direct labor costs. Inventory balances at the beginning of 2013 follow:
Raw materials inventory
Work in process inventory
Finished goods inventory
$ 20,000
15,000
32,000
The following transactions occurred during January:
(a) Purchased materials on account for $26,000.
(b) Issued materials to production totaling $40,000, 80 percent of which was traced to specific jobs and the
remainder of which was treated as indirect materials.
(c) Payroll costs totaling $69,700 were recorded as follows:
$18,000 for assembly workers
5,200 for factory supervision
31,000 for administrative personnel
15,500 for sales commissions
(d) Recorded depreciation: $8,500 for machines, $2,400 for the copier used in the administrative office.
(e) Recorded $4,000 of expired insurance. Forty percent was insurance on the manufacturing facility, with
the remainder classified as an administrative expense.
(1) Paid $7,800 in other factory costs in cash.
(9) Applied manufacturing overhead at a rate of 300 percent of direct labor cost.
(h) Completed all jobs but one; the job cost sheet for this job shows $10,000 for direct materials, $3,000 for
direct labor, and $9,000 for applied overhead.
(1) Sold jobs costing $70,000. The revenue earned on these jobs was $91,000.
Required:
1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final
balance for the following accounts:
a. Raw Materials Inventory.
b. Work in Process Inventory.
c. Finished Goods Inventory.
d. Cost of Goods Sold.
e. Manufacturing Overhead.
f.
Selling, General, and Administrative Expenses.
g. Sales Revenue.
h. Other accounts (Cash, Payables, etc.).
Raw Materials Inventory
Work in Process Inventory
17
WX08A YA
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