Question Details

[solution] » Can an accountant tutor help me with my homework please.

Brief item decscription

Step-by-step solution file


Item details:

Can an accountant tutor help me with my homework please.
More:

Can an accountant tutor help me with my homework please.


Chapter 17

 

1.

 

2.

 

3.

 

4.

 


 

eBook

 

Calculator

 

Print Item

 

Analyzing Manufacturing Cost Accounts

 

Big Wave Company manufactures surf boards in a wide variety of sizes and styles. The following

 

incomplete ledger accounts refer to transactions that are summarized for July:

 


 

July 1

 

July 31

 


 

Balance

 

Purchases

 


 

Materials

 

35,800 July 31

 

144,000

 


 

July

 

July

 

July

 

July

 


 

Balance

 

Materials

 

Direct labor

 

Factory overhead applied

 


 

Work in Process

 

(B) July 31

 

(C)

 

(D)

 

(E)

 


 

Balance

 

Completed jobs

 


 

Finished Goods

 

0 July 31

 

(F)

 


 

1

 

31

 

31

 

31

 


 

July 1

 

July 31

 


 

Wages Payable

 

July 31

 


 

July

 

July

 

July

 

July

 


 

1

 

31

 

31

 

31

 


 

Balance

 

Indirect labor

 

Indirect materials

 

Other overhead

 


 

Factory Overhead

 

21,900 July 31

 

(H)

 

19,100

 

77,000

 


 

Requisitions

 


 

(A)

 


 

Completed jobs

 


 

(F)

 


 

Cost of goods sold

 


 

(G)

 


 

Wages incurred

 


 

Factory overhead applied

 


 

125,000

 


 

(E)

 


 

In addition, the following information is available:

 

a.

 


 

Materials and direct labor were applied to six jobs in July:

 

Job No.

 


 

Style

 


 

Quantity

 


 

Direct Materials

 


 

Direct Labor

 


 

No. 21

 


 

X-10

 


 

220

 


 

$25,080

 


 

$17,000

 


 

No. 22

 


 

X-20

 


 

390

 


 

38,090

 


 

25,000

 


 

No. 23

 


 

X-50

 


 

220

 


 

18,000

 


 

9,000

 


 

No. 24

 


 

T-20

 


 

310

 


 

44,560

 


 

30,000

 


 

No. 25

 


 

X-40

 


 

160

 


 

20,480

 


 

15,000

 


 

No. 26

 


 

T-10

 


 

120

 


 

6,960

 


 

4,000

 


 

Total

 


 

1,420

 


 

$153,170

 


 

$100,000

 


 

b.

 

c.

 


 

Factory overhead is applied to each job at a rate of 140% of direct labor cost.

 


 

d.

 


 

The July 1 Work in Process balance consisted of two jobs, as follows:

 

Job No.

 


 

Style

 


 

Work in Process, July 1

 


 

Job 21

 


 

X-10

 


 

$6,500

 


 

Job 22

 


 

X-20

 


 

15,400

 


 

Total

 


 

$21,900

 


 

e.

 

f.

 


 

Customer jobs completed and units sold in July were as follows:

 

Job No. Style Completed in July Units Sold in July

 

No. 21

 


 

X-10

 


 

X

 


 

176

 


 

No. 22

 


 

X-20

 


 

X

 


 

312

 


 

No. 23

 


 

X-50

 


 

No. 24

 


 

T-20

 


 

X

 


 

260

 


 

No. 25

 


 

X-40

 


 

X

 


 

133

 


 

No. 26

 


 

T-10

 


 

0

 


 

0

 


 

g.

 

1. Determine the missing amounts associated with each letter and complete the following table. If

 

required, round amounts to the nearest dollar. If an answer is zero, enter in "0". Enter all amounts as

 

positive numbers.

 


 

Job No.

 


 

Quantity

 


 

July 1

 

Work in

 

Process

 


 

Direct

 

Materials

 


 

Direct

 

Labor

 


 

Factory

 

Overhead

 


 

Total Cost

 


 

No. 21

 


 

$ 6,500

 


 

$ 25,080

 


 

$ 17,000

 


 

No. 22

 


 

15,400

 


 

38,090

 


 

25,000

 


 

No. 23

 


 

18,000

 


 

9,000

 


 

No. 24

 


 

44,560

 


 

30,000

 


 

No. 25

 


 

20,480

 


 

15,000

 


 

No. 26

 


 

6,960

 


 

4,000

 


 

153,170

 


 

100,000

 


 

Total

 


 

$21,900

 


 

a. Materials Requisitions $

 


 

b. Work in Process Beginning Balance $

 


 

c. Direct Materials $

 


 

d. Direct Labor $

 


 

e. Factory overhead applied $

 


 

f. Completed jobs $

 


 

g. Cost of goods sold $

 


 

h. Indirect labor $

 


 

$

 


 

$

 


 

$

 


 

$

 


 

2. Determine the July 31 balances for each of the inventory accounts and factory overhead. Use the

 

minus sign to indicate any credit balances.

 


 

Materials:

 

Work in Process:

 

Finished Goods:

 

Factory Overhead:

 


 

$

 

$

 

$

 

$

 


 

 







About this question:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Feb 21, 2020

PRICE: $24

Solution~000275040.zip (18.37 KB)

Buy this answer for only: $24

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card. All your purchases are securely protected by PayPal.
SiteLock

Need a similar solution fast, written anew from scratch? Place your own custom order

We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

Order Now