I have some of the work finished. Please see excel attached file to see what needs to be completed. Thank you Job Order Cost Flow P 3. On May 31, the inventory balances of Princess Designs, a manufa

I have some of the work finished. Please see excel attached file to see what needs to be completed. Thank you

Job Order Cost Flow P 3.

On May 31, the inventory balances of Princess Designs, a manufacturer of

high-quality children’s clothing, were as follows: Materials Inventory, $21,360;

Work in Process Inventory, $15,112; and Finished Goods Inventory, $17,120.

Job order cost cards for jobs in process as of June 30 had these totals:

Job No. Direct Materials Direct Labor Overhead

24-A $1,596 $1,290 $1,677

24-B 1,492 1,380 1,794

24-C 1,984 1,760 2,288

24-D 1,608 1,540 2,002

The predetermined overhead rate is 130 percent of direct labor costs. Materials

purchased and received in June were as follows:

June 4 $33,120

June 16 28,600

June 22 31,920

Direct labor costs for June were as follows:

June 15 payroll $23,680

June 29 payroll 25,960

Direct materials requested by production during June were as follows:

June 6 $37,240

June 23 38,960

On June 30, Princess Designs sold on account finished goods with a 75 percent

markup over cost for $320,000.

Required

1. Using T accounts for Materials Inventory, Work in Process Inventory, Fin-

ished Goods Inventory, Overhead, Accounts Receivable, Payroll Payable,

Sales, and Cost of Goods Sold, reconstruct the transactions in June.

2. Compute the cost of units completed during the month.

3. What was the total cost of goods sold during June?

4. Determine the ending inventory balances.

5. Jobs 24-A and 24-C were completed during the first week of July. No addi-

tional materials costs were incurred, but Job 24-A required $960 more of

direct labor, and Job 24-C needed an additional $1,610 of direct labor.

Job 24-A was composed of 1,200 pairs of trousers; Job 24-C, of 950 shirts.

Compute the product unit cost for each job. (Round your answers to two

decimal places.

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A red asterisk (*) wil appear in the column to the right of an incor ect answer.
Chapter 20, P 3.
1. Transactions reconstructed using T accounts.
4. Ending inventory balances computed.
Materials Inventory
Work in Process Inventory
Beg Bal
21,360
6/6
37,240
Beg Bal
15,112
6/30
6/4
33,120
6/23
38,960
6/6
37,240
6/16
28,600
6/15
23,680
6/22
31,920
6/15
End Bal
38,800
6/23
38,960
6/29
25,960
6/29
End Bal
Finished Goods Inventory
Overhead
Beg Bal
17,120
6/30
6/15
6/30
6/29
End Bal
End Bal
Accounts Receivable
Payrol Payable
6/30
320,000
6/15
23,680
End Bal
320,000
6/29
25,960
End Bal
49,640
Sales
Cost of Goods Sold
6/30
320,000
6/30
End Bal
320,000
End Bal
Materials Inventory
Work in Process Inventory
Beg Bal
21,360
6/6
37,240
Beg Bal
15,112
6/30
185,073
6/4
33,120
6/23
38,960
6/6
37,240
6/16
28,600
6/15
23,680
6/22
31,920
6/15
30,784
End Bal
38,800
6/23
38,960
6/29
25,960
6/29
33,748
End Bal
20,411
Finished Goods Inventory
Overhead
Beg Bal
17,120
6/30
182,857
6/15
30,784
6/30
185,073
6/29
33,748
End Bal
19,336
End Bal
64,532
Accounts Receivable
Payrol Payable
6/30
320,000
6/15
23,680
End Bal
320,000
6/29
25,960
End Bal
49,640
Sales
Cost of Goods Sold
6/30
320,000
6/30
182,857
End Bal
320,000
End Bal
182,857
6/1
6/2
6/3
6/4
6/5
6/6
6/7
6/8
6/9
6/10
6/11
6/12
6/13
6/14
6/15
6/16
6/17
6/18
6/19
6/20
6/21
6/22
6/23
6/24
6/25
6/26
6/27
6/28
6/29
6/30

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Chapter 20, P 3. (continued)
2. Cost of completed units computed.
Cost of ending Work in Process Inventory:
Job Number
Direct Materials
Direct Labor
Overhead
Totals
24-A
$1,596
$1,290
$1,677
$4,563
24-B
1,492
1,380
1,794
4,666
24-C
1,984
1,760
2,288
6,032
24-D
1,608
1,540
2,002
5,150
Totals
$6,680
$5,970
$7,761
$20,411
Costs of units completed:
Beginning balance, Work in Process Inventory
$15,112
Cost of direct materials, direct labor, and overhead added during period
Total costs included in Work in Process Inventory
Less ending Work in Process Inventory
Cost of goods completed and transferred
3. Cost of goods sold computed.
Sales equal to 175% of cost of goods sold
/
=
Job Number
Direct Materials
Direct Labor
Overhead
Total
24-A
$1,596
$1,290
$1,677
$4,563
24-B
1,492
1,380
1,794
4,666
24-C
1,984
1,760
2,288
6,032
24-D
1,608
1,540
2,002
5,150
$6,680
$5,970
$7,761
$20,411
Costs of units completed:
Beginning balance, Work in Process Inventory
$15,112
Cost of direct materials, direct labor, and overhead added during period
190,372
Total costs included in Work in Process Inventory
$205,484
Less ending Work in Process Inventory
20,411
Cost of goods completed and transferred
$185,073
3. Cost of goods sold computed.
Sales equal to 175% of cost of goods sold
$320,000
/
1.75
=
$182,857
Beginning balance, Work in Process Inventory
Cost of direct materials, direct labor, and overhead added during period
Cost of goods completed and transferred
Less ending Work in Process Inventory
Total costs included in Work in Process Inventory

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