Inventories: Materials and supplies $ 48,000 Work in process (Job No. 212 and 213) 103,200 Finished goods (Job No. 211) 120,000 The work in process inventory consists of two jobs: Job No. Direct Direct Construction Total Materials Labor Overhead $18,000 $24,000 $12,000 20,400 19,200 9,600 $38,400 $43,200 $21,600 *Construction overhead is treated just like overhead in the text examples. 212 213 $54,000 49,200 $103,200 Cost and sales data for 2010: Materials purchased on account, USD 198,000. Labor costs: Direct labor assigned to jobs-Job No. 212, USD 48,000; Job No. 213, USD 96,000; Job No. 214 (started in 2010), USD 144,000; supervision and other indirect labor, USD 120,000. Materials used: Job No. 212, USD 31,200; Job No. 213, USD 57,600; Job No.214. USD 96,000; and indirect materials, USD 4,800. Overhead is assigned to jobs at the rate of 50 percent of the actual direct labor costs incurred on each job. Job No. 212 and 213 were completed. Jobs 211 and 212 were sold for USD 540,000. Construction overhead costs incurred, other than indirect materials and indirect labor: depreciation, USD 12,000; bent, light, power, and miscellaneous USD 12,000 Prepare journal entries to record the preceding data and close any underapplied or overapplied overhead to Cost of Goods Sold.
Inventories: Materials and supplies $ 48,000 Work in process (Job No. 212 and 213) 103,200 Finished goods (Job No. 211) 120,000 The work in process inventory consists of two jobs: Job No. Direct Direct Construction Total Materials Labor Overhead $18,000 $24,000 $12,000 20,400 19,200 9,600 $38,400 $43,200 $21,600 *Construction overhead is treated just like overhead in the text examples. 212 213 $54,000 49,200 $103,200 Cost and sales data for 2010: Materials purchased on account, USD 198,000. Labor costs: Direct labor assigned to jobs-Job No. 212, USD 48,000; Job No. 213, USD 96,000; Job No. 214 (started in 2010), USD 144,000; supervision and other indirect labor, USD 120,000. Materials used: Job No. 212, USD 31,200; Job No. 213, USD 57,600; Job No.214. USD 96,000; and indirect materials, USD 4,800. Overhead is assigned to jobs at the rate of 50 percent of the actual direct labor costs incurred on each job. Job No. 212 and 213 were completed. Jobs 211 and 212 were sold for USD 540,000. Construction overhead costs incurred, other than indirect materials and indirect labor: depreciation, USD 12,000; bent, light, power, and miscellaneous USD 12,000 Prepare journal entries to record the preceding data and close any underapplied or overapplied overhead to Cost of Goods Sold.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...
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Transcribed Image Text:Inventories:
Materials and supplies
$ 48,000
Work in process (Job No. 212 and 213) 103,200
Finished goods (Job No. 211)
120,000
The work in process inventory consists of two jobs:
Job No. Direct Direct Construction Total
Materials Labor
Overhead
$54,000
$18,000 $24,000 $12,000
20,400 19,200
$38,400 $43,200
9,600
49,200
$21,600 $103,200
*Construction overhead is treated just like overhead in the text examples.
212
213
Cost and sales data for 2010:
Materials purchased on account, USD 198,000.
Labor costs: Direct labor assigned to jobs-Job No. 212, USD 48,000; Job No. 213, USD 96,000; Job
No. 214 (started in 2010), USD 144,000; supervision and other indirect labor, USD 120,000.
Materials used: Job No. 212, USD 31,200; Job No. 213, USD 57,600; Job No.214, USD 96,000; and
indirect materials, USD 4,800.
Overhead is assigned to jobs at the rate of 50 percent of the actual direct labor costs incurred on each
job.
Job No. 212 and 213 were completed.
Jobs 211 and 212 were sold for USD 540,000.
Construction overhead costs incurred, other than indirect materials and indirect labor: depreciation,
USD 12,000; heat, light, power, and miscellaneous USD 12,000
Prepare journal entries to record the preceding data and close any underapplied or overapplied
overhead to Cost of Goods Sold.
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