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Assignment Chapter 5

The document contains accounting journal entries recording raw material purchases and usage, manufacturing costs including direct labor and overhead applied to jobs, and calculations of ending inventory balances, unit manufacturing costs, and overhead under/overapplication. It includes multiple problems with journal entries and calculations.

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christian Bagood
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89 views3 pages

Assignment Chapter 5

The document contains accounting journal entries recording raw material purchases and usage, manufacturing costs including direct labor and overhead applied to jobs, and calculations of ending inventory balances, unit manufacturing costs, and overhead under/overapplication. It includes multiple problems with journal entries and calculations.

Uploaded by

christian Bagood
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Christian Kyle Bagood

BA 203

Problem #24

A.

Date Explanations Debit Credit


April 30, 2010 Raw Material Inventory $204,000
Accounts payable $204,000
(To record purchase of raw materials)
WIP inventory job# 4263 163,800
WIP inventory job #4264 1,870
Manufacturing overhead control 12,460
Raw material Inventory 178,130
(To record issue of direct and indirenct materials)
WIP inventory job #4263 54,000
WIP inventory job #4264 1,800
Manufacturing overhead control 12,500
Wages payable 68,300
(To record April wages 3,600 hours to job#4263
and 120 hours to job #4264 at $15 per hr)

Manufacturing overhead control 68,700


Cash 34,700
Accumulated Depreciation 21,500
Various accounts 12,500
(To record actual overheads incurred)

WIP invetory job #4263 64,800


WIP inventory job #4264 2,160
Manufacturing overhead control 66,960
(To record applied overheads)

B. Beginning Raw Material Inventory + Purchases - Material Issued for jobs:


$4,300 + $204,00 - ($176,260 + $1870) = $30,170

C. Ending balance for Job #4263 $11,400 -$282,600 = -$271,200


Ending balance for job #4264 $11,400 - $5,830 = $5,570

D. Total Manufacturing costs = $282,600(job#4263) + $5830(job#4264) = $288,430


Cost per unit = Total Manufacturing costs / Total units produced
Cost per unit = $288,430 / 10,000 units = $28.84 per unit

E. Actual overhead costs $68,700 - $66,960 Applied overhead = $1,740 Overapplied


47. LO4

A.
Cost of Direct Material Used = $56,000 - $56,000 = $0

B. the cost of raw material issued in April, it's the same as the cost of direct material used, which is $0

C. Raw Material Purchases - Cost of Direct Material Used

Ending Raw Material Inventory (april 30) = $9,600 + $56,000 -$0


Ending Raw Material Inventory (april 30) = $65,600

D. Actual Overhead Costs = Other non-material and non-labor overhead items + Indirect material used + Indirect facto

Actual Overhead Costs = $5,000 + $11,600 + $10,800


Actual Overhead Costs = $27,400

Applied Overhead Costs = (Actual DLH / Planned Annual DL hrs)*Expected Factory OH


Applied Overhead Costs = (8,800 / 100,800) * $302,400
Applied Overhead Costs = ($0.0873) * $302,400
Applied Overhead Costs ≈ $26,373.12

Underapplied or Overapplied Overhead = Actual Overhead Costs - Applied Overhead Costs


Underapplied or Overapplied Overhead = $27,400 - $26,373.12
Underapplied or Overapplied Overhead ≈ $1,026.88 overapplied

E. Cost of Goods Sold = $16,800 + $96,000 - $13,200


Cost of Goods Sold = $103,600
material used + Indirect factory labor

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