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2J21t13
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Assig t'rTerrt Print View
1I
E;<ercise 15-9 Journal entries for labar L.O. P2
The fulowing infurmation is arailable for Lock-Down Company,
whic,h produces special-order security
products and uses a job order cost accounting system.
rn,entories
A'ril i;o MaY 31
Rawmaterials $41,030 $ 47,000
Goods in process 10,7r:)0 22,000
Finished goods 59,0r:)0 30,600
ActiVties and information for May
Raw materials purchases (paid with cash) 190,000
Factory payroll (paid with cash) 415,000
Factory or,erhead
lndirect materials 12,000
lndirect labor 75,000
Other oErhead costs 103,500
Sales (receired in cash) 1,270,000
Predetermined overhead rate based_on direct laborcost 65%
l. Factory payroll costs in cash.
2. Direct labor usage.
3, lndjrecl labor usage.
Prepare joumal entries for the abo,e e,ents for the month of
May. {Omit ilhe "$" sign in your response.}
E,ents General Joumal - Debit Credit &
1. Lrt 41g,000
ffi/- 41s,ooo,/
2. ,./
,
ffi,2
3. /'
ffiu'
Vbw l-rnt#l
W*rksfreet
ffxsrs:lse f 5-S Jo*rn*f sr?friss for fafo *{ L.0. F2
2,
Exercise 15-4 Analysis of cost flortvs L.O. C2, P1 , P2, P3
As ofthe end of June, the job cost sheets at Racing Wheels, lnc,,
show the following total costs
accumulated on three custom jobs.
Job 102 Job 103 Job 1D4
Direct materials $ 31,000 $ 65,000 $ 49,000
Direct labor 14,000 25,400 45,000
Orcrhead 6,580 11,938 21,'150
Job 1O2 was started in production in May and the following
costs were assigned to it in May: direct
materials, $11,000; direct labor, $3,300; and ovrefiead, $1,551.
Jobs 103 and 1M are started in June.
O,erhead cost is applied with a predetermined late based on
direct larbor cost. Jobs 1O2 and 1OB are
fnished in June, and Job 104 is expected to be finished in July.
No rar,y materials are used indirectly in
June. Using this information, ansu/er the ficllot'ving questions.
{Assum,: this company's predetermined
o,erhead rate did not change across these months).
1. What is the cost of the raw materials requisitioned in June
foreach r:f the three jobs? {Omit the ..$',
sign in your response.)
ezto.nhecloud.nrcg rarhill.con/trm.tpx 1t12
2J21t13 Assi g rrrrent Print Viar
Job 102 $
Job 103 $
Job 104 $
2. How much direct labor cost is incuned during June for each
of the three jobs? (Omit the "S.' sign in
your response")
J&1O2 $
Job 103 $
Job 1O4 $
3. what predetermined or,erhead rate is used during June? {omit
the "g1," sign in your response.)
Predetermined oerhead rate %
4. How much total cost is transfuned to finished goods during
Junre? {Omit the ',$* sign in your
response.)
Total transfened cost $
View Hnt#1
Sforksh*et
frxer*is* 1 5-4 '4nalysis of c*sf ff*ut* L"#. C2, Ft r P2, I r .."
.,...*- 4 ,' '1. -:' e
g4
t rJ r.) ., _ ,- &n'
Ir. 'v:
tc- Vv cJl lciiJ.-rt : . , -
-
lrt .:*r,, .'
3.
€xercr.se 1545 Arnrhead rate calculation, allocation, and anat'
is L.0. ps
Red Wing Company applies factory or,erhead based on direct
labor (:osts- The company incuned the
following costs during 2011: direct materials costs, $636,s00;
direct labor costs, $1,400,0d0; and hctory
orierhead costs applied, $588,000.
{. Determine the company's predetermined or,erhead
"atefor
year 20111. (Omit the 'yo.. sign in your
response.)
Predetermined oerhead rate %
2. ln the Goods in Process ln€ntory account for yeat2011, the
ending tralance is $53,000 which includes
$21,000 in direct laborcost, determine the direct material cost.
(Omit the ..$.. sign in your respcnse.)
Direct materials costs $
3. ln the Finished Goods lnrentory account for yeat 2011, the
ending balance is $337,420 which includes
$137,420 in direct material costs, determine the direct labor
cosis arrd owrhead costs. {Round your
intermediate calculationsand final anssversto the nearest dollar
amount, omitthe ..$.'sign in
your respanse,)
Direct labor cost $
Factory or,erhead costs $ :
Wsrkrl'leet ,' t"'
ffx*r*is* "" 1s #v*rhead ref# *el*ulatian, aff*rati*n,
and *nalysis L,{3. trS ..4. : , .: - ..*rc.
Exercise 15-11 Adjusting factary overhead L"A. p4
The following information is aailable for Lock-Down
Company, which icroduces special-order security
products and uses a job order cost accounting system.
April 30 May 31
ezto.nfpcloud.nrcgraarhll.conUhm.px
2n2
2t21t13 Assignrnent Print View
$ gg,0t)0 $ #,000
11,zfiA 20,000
66,0,110 38,000
lnrcntories
Raw materials
Goods in process
Finished goods
Actir,ities and information for May
Raw materials purchases (paid with cash)
Factory payroll (paid with cash)
Factory orcrhead
lndirect materials
lndirect labor
Other owrhead costs
Sales (receir,red in cash)
Predetermined owrhead rate based on direct labor cost
1 99,000
420,000
13,000
73,000
95,000
1,210,000
65%
Prepare the joumal entry to allocate {close) olerapplied or
underappliecl or,erhead to Cost of Goods Sold.
i0mit the "$" sign in your response.)
General Joumal
Fa oterhead t
Credit
Cost of goods sold i-
W*rkshe*t
€"*:";i*e 15-11 &,djts*tinE fa*t*ry *vsrh**d L,"#" p4
Problem 15-1A Production costs computed and recorded; reparts
preDared L.a. cz, p1, pz, pJ, p4
flhe following information applies to the questions displayed
belowl
Winfrey Co.'s March 31 in,entory of raw materials is $150,000.
Raw mi:rterials purchasas in April are
$400,000, and factory payroll cost in April is $235,000.
Or,erhead costs incuned in Apdl are: indirect
materials, $26,000; indirect labor, $15,000; factory rent,
$19,000; factory utilities, $14,000; and factory
equipment depreciation, $63,000. The predetermined orcrhead
rate is 60% ef direct labor cost. Job 306 is
sold for $350,000 cash in April. Costs of the three jobs worked
on in April follow.
..lloll 308
Balances on March 31
Direct materials
Direct labor
Applied overhead
Costs during April
Direct materials
Direct labor
Applied orcrhead
Status on April 30 Finished (sold) Finished (unsold) ln process
$ection Break
Fln*Jeltr f S-14 Fr*duc$*n c*sfs c*r*p*fe# and
r***rded; rep*rts prepar*d l_.*. S?, p'! , pZ, p3, p4
"n*i- rd
Problem 15-1A Part I
Required:
{. Determine the total of each production cost incuned for Aprit
(direct lahor, direct materials, and applied
owrhead), and the total cost assigned to each job (including the
balan,:es from March 31). {Leave nocells blank - be certain to
enter "0" wherever required. Omit the ''tt'. sign in your
response. )
306 307
Job 306
$ 10,000
17,000
10,200
1 05,000
23,000
?
Job 307
$ 16,000
15,000
9,000
190,000
57,000
?
$ 85,000
'140,000
?
5.
Beginning goods in process
:(FromMarch) $ $ $
For April
ezto. nfiec| oud. nng ra F hi I I .corn/l'rm.tpx
308 April Total
$
3112
421n3
6.
Direct materials
Direct labor
Apptied owrhead
Total costs added in April
Total costs
Yllorksheet
?rablem 15-1A Part 2
a. Materials purchases (on erdit), factory payrdl (paid ln eash),
indirect materials and indirect labor. (Factory rent and utilities
arc
b. Assignment of direct materials, direct labar, and applied
or,rsrh
lnventory.
c. Transfer of Jobs 306 and 307 to the Finished Goods
lnuentory,
d. Cost of goods sold for Job 30G.
e, Rer,enue from the sale of Job 306.
f. Assignment of any undenapplied or oerapplied orerhead to
the
amount is not rnaterial")
2. Prepare journal entries for the month of hpnl to record the
abovre
yaur reryanse.|
Genenal Journal
a. To record materials purchases.
$$ +".'1'l$'it.:.-+f t'r'.liti','- $":.t"i i
To record factory payroll,
,-
actual overhead costs including
in cash.)
costs to the Goods in Process
t of Goods Sold account. flhe
s, {Omit the "9" s*gn in
Debit Credit
To record indirect materials.
To record indirect labor"
To record tadory rent-
*W.kiry"tt;:';"i;i:;',,,, ,
To record fuctory utilities"
To record depreciation for factory equipment,
i.l6.i:g.Elffi#.l..'=';.::i:rjff !,1;i:
To assign direct materials to jobs.
Hi*-ftttO,$
To assign direct labor to jobs.
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421n3
llll*rksheet
7:
Problem 15-I A Part 3
Worksheet
ezto"n*recl or.td.mcg ranr hi I I "cornltrm"tpx
taffi;: :i, -
"
: ::; :. : -..! :',..',,:.t-,#
Assig
To apply orerhead to jobs.
',r:.lrji
,r4,
;1 I 1';jt.'1 11 :L,
To record jobs completed.
ion for direct materials and show
indi*ated vritfr a minus sign,
ll
_" _ * .."" ' _v's:!:r!:r:_"t::
$. i
d. To record cost of sale of job,
Tl
To record sale of job.
To assign Oter/Underapplied orerhead.
3, Preparc a manufacturing statement for Apri! (use a singtre
line
the details of or,erhead cost.) {Amaunts to be deducted *r*nld
Omit the "$" sign in your response.!
"YiH:il":?Y,ffi,For Month Ended April 30
Or,efhead
*
.!F
,ltF
!l!.
'.?
Total manufacturing costs
Total cost of goods in process
Cost of goods manufactured
5t12
2121113
8.
Prabl*m 15-i A Faft 3
Problem 1 5-14 Parl 4
4.1 Compute gross profit for April. {Omit the "$" sign in your
response.}
Gross profit $
4,2 Shovv how to present the inr,entories on the April 30
balance sheet. (Omit the "$* sign in your
response.)
ln,entories
Raw materials $
Goods in pnocess (Job 308)
Finishedgoods(Job307)i'-......*--"@".-***-
Total inrsntories $
Problem 15-2A Source docunents, journal entries, overhead, and
financial repods L. O. Pl , P2, P3, P4
[The tollowing informalion appliesto ffie quesf,bnsdisplayed
belowJ
Thai Bay's computer system generated the following trial
balance on Decen',ber 31,2011. The company's
manager knows something is wrong with the trial balance
because it does n(:t show any balance for Goods
in Process Inentory but does show balances for the Factory
Payroll and Fact:ory Owrhead accounts.
Debit Credit
Cash $ 47,000
Accounts receirpble 41,000
Raw materids inentory 25,500
Goods in process inentory 0
Finished goods inwntory 12,000
Prepaid rent 4,000
Accounts payable $ 10,800
Notes payable 13,800
Common stock 40,000
Retained eamings 93,000
Sales 162,900
Cost ofgoods sold 116,000
Factory payroll 15,mO
Factory or,erhead 25,000
operatins expenses
*.2?::*.1
Totals $320,500 $320,500
After examining rarious files, the manager identifies the
fullowing six soun:,e documents that need to be
processed to h)ting the accounting records up to date.
Materials requisition 21-3O1O: $4,500 direct materials to Job
402
Materials requisition 21-3011: $7,300 direct materials to Job
4M
Materials requisition 214O12i $1,800 indirect materials
Labor time ticket 6052: $7,000 dircct labor to Job 402
Labor time ticket 6053: $3,000 dircct labor to Job 404
Labor time ticket 6054: $5,000 indirect labor
ezto.nhecloud.nrgra FhiIl.cofivhm.tpx 6112
2121113 Assignnr:nt Print Viam
Jobs 402 and 4M are the only units in process at year-end. The
predetern'rined o,erhead rate is 300% of
direct labor cost.
Seetlsn Sreak Fr**Jem f S-?A $*rrrcer
r:ro*rnsnfs,3ci.rrnaf e*frf*s,
*rer&e*rf, *nd Snancie'f rep*rfs l.*. F?, p?, F3, F4
L
Frob{em 15-2A Part I
a. Direct materials costs to Goods in Process lnrentory.
b. Direct labor costs to Goods in Process lnlentory.
c. Orerhead costs to Goods in Process lnwntory.
d. lndirect materials costs to the Factory Overhead account,
e. lndirect labor costs to the Factory Orcrhead account'
Required:
1. Prepare joumal entries to assign the aborc costs. {#mitthe
*o$on sigrr im y*ur resp*nw'}
Debit CreditDate
a.
b.
c.
d.
e.
10.
Date
Dec. 31
W *rk*tz**t
frr*bf*rn 1#^?A Part 2
.'.
ezto. nfrecl oud. nng raw hi I I . comft m,tpx
General Journal
Click to select) L:-
(Click to select) __j:
Click to select) i -
(Click to select) i:
Click to select) j:
Click to select) i:
Click to select) i-:
(Clic[< to select) il
{Click to select, ll
General Joumal
{Click to select) i:
W*r*cshe*f
Fr*bl*m 1S^2d ?art I
Problem 15-2A Part 2
2.1 Determine the reVsed balance of the Factory Orerhead
account aller making the entries in part 1.
Determine lvtrether there is any under- or o€rapplied or,erhead
for the year. {lnput all amounts as
pcsitive values. Omit the "$" sign in your responsa.)
lEti"k t"."t""t) fi $
2.2 Preparc the adjusting entry to allocate any oer- or
undempplied (:,erhead to Cost of Goods Sold,
assuming the amount is not material. {Omit the "$" dgn in your
rer:ponse.)
'c{
1
Debit Credit
7t12
2t21t13
11
Prablem 15-24 Part 3
Totals
Worksheet
Problem 15-2A Part 3
;--
12.
Problem 15-24 Part 4
4"2
Assets
ezta.n*wl or,td.nrg raur hi I I .cmr/?rn tpx
PrintMew
3. Prepare a revised tnal balance. ffhe items in the Trial Bala
drEuld be grouped as
Asets, Liabilities {in arder af their liguidity}, Equity, Reven
and Expenses. Leave
blank - be certain ts enter "0" wherevsr required, Omit the * n
in your response,)
fEllows;
no cells
*^'*l::;y'o*"
December 31, 2011
Credit
$l i
^-.,.--_. ".-....,.,..1
?l
:l
rt
i'"**'- -""'*'"-"'*"-'*' :.
i!
ll
:]
1lt]
:.' ''...'..'...".' ' .'''.'''' ''' '.. '.,.j
i.'*
*" '- -..*---*"''-***i
ir
1,,
4,1 Prcpare an income statement for year 2011. {Amounts to be
dedu d and net loss amount should
be indicated with rninus sign. Omit the *$" dgn in your re )
THAi BAY COMPANY
lncorne Staternent
For Year Ended Desember 31, 2011
i: -
** "---* *' * *' * *' *''"' " " * i
$ i _;
i'"-" -'
*- *'-" *- *- * * -,.
i:,
It
i::;
ia
!"""----""****- "^^-"'"" --;
ii.::
'1,.,,.,
--,-., -". " -..-, -- ". " ,*, -,-*-,""- J
Prepare a balance sheet as of December 31, 201 1. {Be sure to
order of their liguidity. Omit the "$" sign in your respon*.)
THAI BAY COMPANY
Balance Sheet
December 31 ,2011
'l-
.,
.
.IF.:
::.$;1
E
t
l'
i'
.'j
the assets and liabilities in
8112
2t21t13
;;;.;
Prablem l5-ZA Paft 4
Job13S
Job 137
Job 138
Job 139
Job 140
Total direct materials
lndirect materials
Total rnaterials used
Job 136
,job 137
Job 138
Job 139
Job {40
Total direct labor
lndircct labor
ezto.mfreclrud.mcg ravr hi ll "con/hmtpx
Prablem 15-3A Source documents, journa! entries, and accaunts
in
[The fottowing infarmatian applies to the questians displayed
betaw.]
Westin Watercnaft's predetemnined orerhead rate for year
2y11is 200%
company's production actirdties during May zo11follows.
a, Purchased raw materials on credit, $200,000.
b. Paid $128,9OO cash for factory wages.
c' Faid $15,5m cash to a cornputer csrsultant to reprwram
factory
d. Materials requisitions recsd use of the following materials
for- the month.
Print Mew
order cosf accaunting L.0. p! , pZ, p3
labor" lnformation on the
ti t ,&i:i$;p,
lnrcntories
*
:F.,
T.
t'it'E€it, Ei;''#-.l,
Total Asseb
Liabiliffes and Equity
Total Liabilities
{el,te,k:.tb.,su
' $l"'t-'fi;
Total Stockholdelu' Equity
Total Liabilities and Equity
-tF.rn
$150,400
e. Tme tickets record use of the following labor br the month.
$ 49,000
32,000
19,200
22,600
6,600
129,4AA
21,AAA
$ 12,1AA
'10,900
ffi,188
39,20a
3,200
103,400
25,500
2J21t13
14.
Total $128,900
f. Applied orerhead to Jobs 196, 13g, and 13g.
g. Ti':ansfened Jobs 1s6, 139, and 1s9 to Finished Goods.
h' sdd Jobs 136 and 138 on credit at a total price of $535,000,i-
The company incuned the foilowing orerhead costs during the
expired factory insurance).
hpreciation of tactory building $ 6g,000
hpreciation of factory equipment 36,500
Expired factory insurance 12,000
.,
A"9ry"d,property,,,laxeg pgyable 3615-00
i' Applied owrhead at month-end to the Goods in process
or,erhead rate of ZAA% of direct labor cmt.
PrirE Mev
(credlt Prepaid trnsurance for
(Jobs 1 14Al' using the predetermined
$ecticn Break
Prabfem fS-JA Fart t
Required:
'l- Prcpare a job cost
respon*.)
Materials
Labor
Orrerhead
Total cost
Frablem 15-SA S d s cu m e nts, i* u rn a I e ntri e s,
and accounts lnybi,
p3
rcosf *ccsun$'ng l"O.F?, pA,
Ylfcrksheef
Prab[em t 5-3A paft I
".-'--:'
' '* /-.t,',
Problem l5-gA Part Q
2. Preparejoumal entries to record the ercnts
respcnse, )
sheet for each job worked on during the
e' :I
and transactions a
{Omit the 'n$" sign in ysur
{Ornit the *g' sign in your
$,
General Joumal
d.
b.
10t12
ezto. nftecland.rncg ranr hi l l.cornlkrn.px
221113 Assilg rrnent Print Vieur
f.
g-
h.
i.
{Click to select) !F
(Click to select) v
(Click to select) i -
(Click to select) 7
j.
VlJorksheet
Pr*blern t 5-SA Part 2
Prablem 15-3A Pasl 3
3. Prepare T-accounts for each of the following general ledger
accounts, each of which started the month
with a zero balance: Raw Materials lnpntory, Goods in Process
lnrr:ntory, Finished Goods lnrentory,
Factory Payroll, Factory Overhead, Cost of Goods Sdd. Then
posit the joumal entdes to these T-
acccunts and determine the balance of each accannt. {Record
lhe l:ransactions io the given order.
Leave no calls blank - be certain to enter"0" wherever required.
Omit the "$" sign in your
response,)
GENERAL LEDGER ACCOUNTS
--.=-..-.'-.-.*'--*-BY..!. 42W!l *t."*::y:::=x:-
::'3ftAi"kt"""r"ctlF1 l(qi"tt#;Fi
Bal.
Bal.
Bal.
x.re**-HYl Eg*** i**.: :x.*:ffia'x
ezto. nft ecloud.nrcg raur hi ll.carvhm.tpx 11t12
2t21t13
Bal.
Bal.
Warksheet
Prablern f 5-SA parf S
16.
Probtem rS-34 Part 4
Worksheet
?roblem 15-SA part 4
4- Prepare a rcport showing the totar cost of each job in process
an
f::1" the Good: t lr*ess rnrcntory accounr barance. preparc
Print Mernr
:' ' -" "' ''
i
that the sum of their costs
fior Finished Goods
Goods in proces"iffi*:;r
Job' costs
W
@
Balance
Finished Goods Inwntory
lnventory and Cost of Goods Sold. {Omit tfte '*$" si$n in your
re .)
ar reports
Balance
Balance $: :
4 Z- 7 & [email protected]/. 8z ?, F 7Zt 4a* *aa.a ra
$'
Cost of Goods SoldW
@
W
ezto.nfiecl rud.rrng ranr hi ll.corr/frm.tpx
1AQ
Journal 1
Norton Vol. C – Whitman – “Crossing Brooklyn Ferry” and for
Tues. “Song of Myself”
Emily Dickinson – “Success is Counted Sweetest,” “’Faith’is a
Fine Invention,” “I Taste A Liquor,” “Wild Nights,” “I Felt a
Funeral,” “I Heard a Fly Buzz,” “Much Madness,” “My Life
had Stood,” “A Narrow Fellow,” “Tell All the Truth.”
Journal 2
Twain’s Letters from the Earth in Vol. C his “The War Prayer”
Chopin’s “The Storm”
Journal 3
Chapters I-XX in Chopin’s The Awakening
Journal 4
Chapters XXI-XXX in Chopin’s The Awakening
Crane’s “The Open Boat” and Vol. C Sinclair’s The Jungle ch.
IX
Journal 5
Robinson’s “Luke Havergal,” “Richard Cory,” “Miniver
Cheevy,” and “Mr. Flood’s Party” and in Vol. D. Pound’s “In a
Station,” “The River Mechant’s,” “from The Cantos: I”
Eliot’s “The Lovesong of J. Alfred Prufrock,” “from Tradition
and the Individual Talent,” “The Waste Land,” and “The Hollow
Men”
Journal 6
Stevens’s “The Emperor or Ice Cream,” “Anecdote of the Jar,”
“Thirteen Ways of Looking at a Blackbird,” and “The Idea of
Order at Key West”
The Journal
The reader response journal should serve more as a tool to assist
you in reading works from The Norton Anthology: American
Literature than as an assignment for me to grade. It will help
you to read actively, as a participant in a conversation with the
text. You will use it to record your thoughts, feelings and ideas
– your reactions to the readings. A record of such reactions
teaches you important analysis skills, but without the punitive
consequences of a check for errors in grammar, spelling, and
punctuation. I will assess mechanics skills in your essays and
exams, but not so much in journal entries, which again serve
you, not me.
When I grade these I will check for two qualities:
1. Length – each entry should be at least one typed page.
2. Analysis – you must not, under any
circumstances, summarize the text. Assume I’ve read the
piece. Don’t tell me the story, poem, essay, etc. all over
again. Instead, react to it – talk back to it – in your own
words. However, you must refer to details from the text in
order to convince me you’ve read.
You should have one typed journal entry per week. You may
respond to any of the readings assigned for that week, but I
recommend only taking on one reading at a time so as not to
dilute your response. Don’t try to respond to everything. You
learn more by focusing – by both zeroing in on and by deeply
exploring a single text.
2J21t13t--xaAssig trTerrt Print View1IE;er.docx

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  • 1. 2J21t13 t--x a Assig t'rTerrt Print View 1I E;<ercise 15-9 Journal entries for labar L.O. P2 The fulowing infurmation is arailable for Lock-Down Company, whic,h produces special-order security products and uses a job order cost accounting system. rn,entories A'ril i;o MaY 31 Rawmaterials $41,030 $ 47,000 Goods in process 10,7r:)0 22,000 Finished goods 59,0r:)0 30,600 ActiVties and information for May Raw materials purchases (paid with cash) 190,000 Factory payroll (paid with cash) 415,000 Factory or,erhead lndirect materials 12,000 lndirect labor 75,000 Other oErhead costs 103,500 Sales (receired in cash) 1,270,000 Predetermined overhead rate based_on direct laborcost 65%
  • 2. l. Factory payroll costs in cash. 2. Direct labor usage. 3, lndjrecl labor usage. Prepare joumal entries for the abo,e e,ents for the month of May. {Omit ilhe "$" sign in your response.} E,ents General Joumal - Debit Credit & 1. Lrt 41g,000 ffi/- 41s,ooo,/ 2. ,./ , ffi,2 3. /' ffiu' Vbw l-rnt#l W*rksfreet ffxsrs:lse f 5-S Jo*rn*f sr?friss for fafo *{ L.0. F2 2, Exercise 15-4 Analysis of cost flortvs L.O. C2, P1 , P2, P3 As ofthe end of June, the job cost sheets at Racing Wheels, lnc,, show the following total costs accumulated on three custom jobs. Job 102 Job 103 Job 1D4 Direct materials $ 31,000 $ 65,000 $ 49,000 Direct labor 14,000 25,400 45,000
  • 3. Orcrhead 6,580 11,938 21,'150 Job 1O2 was started in production in May and the following costs were assigned to it in May: direct materials, $11,000; direct labor, $3,300; and ovrefiead, $1,551. Jobs 103 and 1M are started in June. O,erhead cost is applied with a predetermined late based on direct larbor cost. Jobs 1O2 and 1OB are fnished in June, and Job 104 is expected to be finished in July. No rar,y materials are used indirectly in June. Using this information, ansu/er the ficllot'ving questions. {Assum,: this company's predetermined o,erhead rate did not change across these months). 1. What is the cost of the raw materials requisitioned in June foreach r:f the three jobs? {Omit the ..$', sign in your response.) ezto.nhecloud.nrcg rarhill.con/trm.tpx 1t12 2J21t13 Assi g rrrrent Print Viar Job 102 $ Job 103 $ Job 104 $ 2. How much direct labor cost is incuned during June for each of the three jobs? (Omit the "S.' sign in your response") J&1O2 $ Job 103 $ Job 1O4 $ 3. what predetermined or,erhead rate is used during June? {omit
  • 4. the "g1," sign in your response.) Predetermined oerhead rate % 4. How much total cost is transfuned to finished goods during Junre? {Omit the ',$* sign in your response.) Total transfened cost $ View Hnt#1 Sforksh*et frxer*is* 1 5-4 '4nalysis of c*sf ff*ut* L"#. C2, Ft r P2, I r .." .,...*- 4 ,' '1. -:' e g4 t rJ r.) ., _ ,- &n' Ir. 'v: tc- Vv cJl lciiJ.-rt : . , - - lrt .:*r,, .' 3. €xercr.se 1545 Arnrhead rate calculation, allocation, and anat' is L.0. ps Red Wing Company applies factory or,erhead based on direct labor (:osts- The company incuned the following costs during 2011: direct materials costs, $636,s00; direct labor costs, $1,400,0d0; and hctory orierhead costs applied, $588,000. {. Determine the company's predetermined or,erhead
  • 5. "atefor year 20111. (Omit the 'yo.. sign in your response.) Predetermined oerhead rate % 2. ln the Goods in Process ln€ntory account for yeat2011, the ending tralance is $53,000 which includes $21,000 in direct laborcost, determine the direct material cost. (Omit the ..$.. sign in your respcnse.) Direct materials costs $ 3. ln the Finished Goods lnrentory account for yeat 2011, the ending balance is $337,420 which includes $137,420 in direct material costs, determine the direct labor cosis arrd owrhead costs. {Round your intermediate calculationsand final anssversto the nearest dollar amount, omitthe ..$.'sign in your respanse,) Direct labor cost $ Factory or,erhead costs $ : Wsrkrl'leet ,' t"' ffx*r*is* "" 1s #v*rhead ref# *el*ulatian, aff*rati*n, and *nalysis L,{3. trS ..4. : , .: - ..*rc. Exercise 15-11 Adjusting factary overhead L"A. p4 The following information is aailable for Lock-Down Company, which icroduces special-order security products and uses a job order cost accounting system. April 30 May 31
  • 6. ezto.nfpcloud.nrcgraarhll.conUhm.px 2n2 2t21t13 Assignrnent Print View $ gg,0t)0 $ #,000 11,zfiA 20,000 66,0,110 38,000 lnrcntories Raw materials Goods in process Finished goods Actir,ities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory orcrhead lndirect materials lndirect labor Other owrhead costs Sales (receir,red in cash) Predetermined owrhead rate based on direct labor cost 1 99,000 420,000 13,000 73,000 95,000
  • 7. 1,210,000 65% Prepare the joumal entry to allocate {close) olerapplied or underappliecl or,erhead to Cost of Goods Sold. i0mit the "$" sign in your response.) General Joumal Fa oterhead t Credit Cost of goods sold i- W*rkshe*t €"*:";i*e 15-11 &,djts*tinE fa*t*ry *vsrh**d L,"#" p4 Problem 15-1A Production costs computed and recorded; reparts preDared L.a. cz, p1, pz, pJ, p4 flhe following information applies to the questions displayed belowl Winfrey Co.'s March 31 in,entory of raw materials is $150,000. Raw mi:rterials purchasas in April are $400,000, and factory payroll cost in April is $235,000. Or,erhead costs incuned in Apdl are: indirect materials, $26,000; indirect labor, $15,000; factory rent, $19,000; factory utilities, $14,000; and factory equipment depreciation, $63,000. The predetermined orcrhead rate is 60% ef direct labor cost. Job 306 is sold for $350,000 cash in April. Costs of the three jobs worked on in April follow. ..lloll 308 Balances on March 31
  • 8. Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied orcrhead Status on April 30 Finished (sold) Finished (unsold) ln process $ection Break Fln*Jeltr f S-14 Fr*duc$*n c*sfs c*r*p*fe# and r***rded; rep*rts prepar*d l_.*. S?, p'! , pZ, p3, p4 "n*i- rd Problem 15-1A Part I Required: {. Determine the total of each production cost incuned for Aprit (direct lahor, direct materials, and applied owrhead), and the total cost assigned to each job (including the balan,:es from March 31). {Leave nocells blank - be certain to enter "0" wherever required. Omit the ''tt'. sign in your response. ) 306 307 Job 306 $ 10,000 17,000 10,200
  • 9. 1 05,000 23,000 ? Job 307 $ 16,000 15,000 9,000 190,000 57,000 ? $ 85,000 '140,000 ? 5. Beginning goods in process :(FromMarch) $ $ $ For April ezto. nfiec| oud. nng ra F hi I I .corn/l'rm.tpx 308 April Total $ 3112
  • 10. 421n3 6. Direct materials Direct labor Apptied owrhead Total costs added in April Total costs Yllorksheet ?rablem 15-1A Part 2 a. Materials purchases (on erdit), factory payrdl (paid ln eash), indirect materials and indirect labor. (Factory rent and utilities arc b. Assignment of direct materials, direct labar, and applied or,rsrh lnventory. c. Transfer of Jobs 306 and 307 to the Finished Goods lnuentory, d. Cost of goods sold for Job 30G. e, Rer,enue from the sale of Job 306. f. Assignment of any undenapplied or oerapplied orerhead to the amount is not rnaterial")
  • 11. 2. Prepare journal entries for the month of hpnl to record the abovre yaur reryanse.| Genenal Journal a. To record materials purchases. $$ +".'1'l$'it.:.-+f t'r'.liti','- $":.t"i i To record factory payroll, ,- actual overhead costs including in cash.) costs to the Goods in Process t of Goods Sold account. flhe s, {Omit the "9" s*gn in Debit Credit To record indirect materials. To record indirect labor" To record tadory rent- *W.kiry"tt;:';"i;i:;',,,, , To record fuctory utilities" To record depreciation for factory equipment,
  • 12. i.l6.i:g.Elffi#.l..'=';.::i:rjff !,1;i: To assign direct materials to jobs. Hi*-ftttO,$ To assign direct labor to jobs. ezto,nfecl oud. nng ranne hi I I "cmdFrm.tpx 4112 421n3 llll*rksheet 7: Problem 15-I A Part 3 Worksheet ezto"n*recl or.td.mcg ranr hi I I "cornltrm"tpx taffi;: :i, - " : ::; :. : -..! :',..',,:.t-,# Assig To apply orerhead to jobs. ',r:.lrji ,r4, ;1 I 1';jt.'1 11 :L,
  • 13. To record jobs completed. ion for direct materials and show indi*ated vritfr a minus sign, ll _" _ * .."" ' _v's:!:r!:r:_"t:: $. i d. To record cost of sale of job, Tl To record sale of job. To assign Oter/Underapplied orerhead. 3, Preparc a manufacturing statement for Apri! (use a singtre line the details of or,erhead cost.) {Amaunts to be deducted *r*nld Omit the "$" sign in your response.! "YiH:il":?Y,ffi,For Month Ended April 30 Or,efhead * .!F ,ltF !l!. '.?
  • 14. Total manufacturing costs Total cost of goods in process Cost of goods manufactured 5t12 2121113 8. Prabl*m 15-i A Faft 3 Problem 1 5-14 Parl 4 4.1 Compute gross profit for April. {Omit the "$" sign in your response.} Gross profit $ 4,2 Shovv how to present the inr,entories on the April 30 balance sheet. (Omit the "$* sign in your response.) ln,entories Raw materials $ Goods in pnocess (Job 308) Finishedgoods(Job307)i'-......*--"@".-***- Total inrsntories $
  • 15. Problem 15-2A Source docunents, journal entries, overhead, and financial repods L. O. Pl , P2, P3, P4 [The tollowing informalion appliesto ffie quesf,bnsdisplayed belowJ Thai Bay's computer system generated the following trial balance on Decen',ber 31,2011. The company's manager knows something is wrong with the trial balance because it does n(:t show any balance for Goods in Process Inentory but does show balances for the Factory Payroll and Fact:ory Owrhead accounts. Debit Credit Cash $ 47,000 Accounts receirpble 41,000 Raw materids inentory 25,500 Goods in process inentory 0 Finished goods inwntory 12,000 Prepaid rent 4,000 Accounts payable $ 10,800 Notes payable 13,800 Common stock 40,000 Retained eamings 93,000 Sales 162,900 Cost ofgoods sold 116,000 Factory payroll 15,mO Factory or,erhead 25,000 operatins expenses *.2?::*.1 Totals $320,500 $320,500 After examining rarious files, the manager identifies the fullowing six soun:,e documents that need to be processed to h)ting the accounting records up to date.
  • 16. Materials requisition 21-3O1O: $4,500 direct materials to Job 402 Materials requisition 21-3011: $7,300 direct materials to Job 4M Materials requisition 214O12i $1,800 indirect materials Labor time ticket 6052: $7,000 dircct labor to Job 402 Labor time ticket 6053: $3,000 dircct labor to Job 404 Labor time ticket 6054: $5,000 indirect labor ezto.nhecloud.nrgra FhiIl.cofivhm.tpx 6112 2121113 Assignnr:nt Print Viam Jobs 402 and 4M are the only units in process at year-end. The predetern'rined o,erhead rate is 300% of direct labor cost. Seetlsn Sreak Fr**Jem f S-?A $*rrrcer r:ro*rnsnfs,3ci.rrnaf e*frf*s, *rer&e*rf, *nd Snancie'f rep*rfs l.*. F?, p?, F3, F4 L Frob{em 15-2A Part I a. Direct materials costs to Goods in Process lnrentory. b. Direct labor costs to Goods in Process lnlentory. c. Orerhead costs to Goods in Process lnwntory. d. lndirect materials costs to the Factory Overhead account, e. lndirect labor costs to the Factory Orcrhead account' Required: 1. Prepare joumal entries to assign the aborc costs. {#mitthe *o$on sigrr im y*ur resp*nw'}
  • 17. Debit CreditDate a. b. c. d. e. 10. Date Dec. 31 W *rk*tz**t frr*bf*rn 1#^?A Part 2 .'. ezto. nfrecl oud. nng raw hi I I . comft m,tpx General Journal Click to select) L:- (Click to select) __j: Click to select) i - (Click to select) i: Click to select) j: Click to select) i:
  • 18. Click to select) i-: (Clic[< to select) il {Click to select, ll General Joumal {Click to select) i: W*r*cshe*f Fr*bl*m 1S^2d ?art I Problem 15-2A Part 2 2.1 Determine the reVsed balance of the Factory Orerhead account aller making the entries in part 1. Determine lvtrether there is any under- or o€rapplied or,erhead for the year. {lnput all amounts as pcsitive values. Omit the "$" sign in your responsa.) lEti"k t"."t""t) fi $ 2.2 Preparc the adjusting entry to allocate any oer- or undempplied (:,erhead to Cost of Goods Sold, assuming the amount is not material. {Omit the "$" dgn in your rer:ponse.) 'c{ 1 Debit Credit 7t12
  • 19. 2t21t13 11 Prablem 15-24 Part 3 Totals Worksheet Problem 15-2A Part 3 ;-- 12. Problem 15-24 Part 4 4"2 Assets ezta.n*wl or,td.nrg raur hi I I .cmr/?rn tpx PrintMew 3. Prepare a revised tnal balance. ffhe items in the Trial Bala drEuld be grouped as Asets, Liabilities {in arder af their liguidity}, Equity, Reven and Expenses. Leave blank - be certain ts enter "0" wherevsr required, Omit the * n in your response,) fEllows;
  • 20. no cells *^'*l::;y'o*" December 31, 2011 Credit $l i ^-.,.--_. ".-....,.,..1 ?l :l rt i'"**'- -""'*'"-"'*"-'*' :. i! ll :] 1lt] :.' ''...'..'...".' ' .'''.'''' ''' '.. '.,.j i.'* *" '- -..*---*"''-***i ir 1,, 4,1 Prcpare an income statement for year 2011. {Amounts to be dedu d and net loss amount should be indicated with rninus sign. Omit the *$" dgn in your re ) THAi BAY COMPANY lncorne Staternent
  • 21. For Year Ended Desember 31, 2011 i: - ** "---* *' * *' * *' *''"' " " * i $ i _; i'"-" -' *- *'-" *- *- * * -,. i:, It i::; ia !"""----""****- "^^-"'"" --; ii.:: '1,.,,., --,-., -". " -..-, -- ". " ,*, -,-*-,""- J Prepare a balance sheet as of December 31, 201 1. {Be sure to order of their liguidity. Omit the "$" sign in your respon*.) THAI BAY COMPANY Balance Sheet December 31 ,2011 'l- ., .
  • 22. .IF.: ::.$;1 E t l' i' .'j the assets and liabilities in 8112 2t21t13 ;;;.; Prablem l5-ZA Paft 4 Job13S Job 137 Job 138 Job 139 Job 140 Total direct materials lndirect materials Total rnaterials used
  • 23. Job 136 ,job 137 Job 138 Job 139 Job {40 Total direct labor lndircct labor ezto.mfreclrud.mcg ravr hi ll "con/hmtpx Prablem 15-3A Source documents, journa! entries, and accaunts in [The fottowing infarmatian applies to the questians displayed betaw.] Westin Watercnaft's predetemnined orerhead rate for year 2y11is 200% company's production actirdties during May zo11follows. a, Purchased raw materials on credit, $200,000. b. Paid $128,9OO cash for factory wages. c' Faid $15,5m cash to a cornputer csrsultant to reprwram factory d. Materials requisitions recsd use of the following materials for- the month. Print Mew order cosf accaunting L.0. p! , pZ, p3 labor" lnformation on the ti t ,&i:i$;p, lnrcntories
  • 24. * :F., T. t'it'E€it, Ei;''#-.l, Total Asseb Liabiliffes and Equity Total Liabilities {el,te,k:.tb.,su ' $l"'t-'fi; Total Stockholdelu' Equity Total Liabilities and Equity -tF.rn $150,400 e. Tme tickets record use of the following labor br the month. $ 49,000 32,000 19,200 22,600 6,600 129,4AA 21,AAA
  • 25. $ 12,1AA '10,900 ffi,188 39,20a 3,200 103,400 25,500 2J21t13 14. Total $128,900 f. Applied orerhead to Jobs 196, 13g, and 13g. g. Ti':ansfened Jobs 1s6, 139, and 1s9 to Finished Goods. h' sdd Jobs 136 and 138 on credit at a total price of $535,000,i- The company incuned the foilowing orerhead costs during the expired factory insurance). hpreciation of tactory building $ 6g,000 hpreciation of factory equipment 36,500 Expired factory insurance 12,000 ., A"9ry"d,property,,,laxeg pgyable 3615-00 i' Applied owrhead at month-end to the Goods in process or,erhead rate of ZAA% of direct labor cmt.
  • 26. PrirE Mev (credlt Prepaid trnsurance for (Jobs 1 14Al' using the predetermined $ecticn Break Prabfem fS-JA Fart t Required: 'l- Prcpare a job cost respon*.) Materials Labor Orrerhead Total cost Frablem 15-SA S d s cu m e nts, i* u rn a I e ntri e s, and accounts lnybi, p3 rcosf *ccsun$'ng l"O.F?, pA, Ylfcrksheef Prab[em t 5-3A paft I ".-'--:' ' '* /-.t,',
  • 27. Problem l5-gA Part Q 2. Preparejoumal entries to record the ercnts respcnse, ) sheet for each job worked on during the e' :I and transactions a {Omit the 'n$" sign in ysur {Ornit the *g' sign in your $, General Joumal d. b. 10t12 ezto. nftecland.rncg ranr hi l l.cornlkrn.px 221113 Assilg rrnent Print Vieur f. g- h.
  • 28. i. {Click to select) !F (Click to select) v (Click to select) i - (Click to select) 7 j. VlJorksheet Pr*blern t 5-SA Part 2 Prablem 15-3A Pasl 3 3. Prepare T-accounts for each of the following general ledger accounts, each of which started the month with a zero balance: Raw Materials lnpntory, Goods in Process lnrr:ntory, Finished Goods lnrentory, Factory Payroll, Factory Overhead, Cost of Goods Sdd. Then posit the joumal entdes to these T- acccunts and determine the balance of each accannt. {Record lhe l:ransactions io the given order. Leave no calls blank - be certain to enter"0" wherever required. Omit the "$" sign in your response,) GENERAL LEDGER ACCOUNTS --.=-..-.'-.-.*'--*-BY..!. 42W!l *t."*::y:::=x:- ::'3ftAi"kt"""r"ctlF1 l(qi"tt#;Fi Bal.
  • 29. Bal. Bal. x.re**-HYl Eg*** i**.: :x.*:ffia'x ezto. nft ecloud.nrcg raur hi ll.carvhm.tpx 11t12 2t21t13 Bal. Bal. Warksheet Prablern f 5-SA parf S 16. Probtem rS-34 Part 4 Worksheet ?roblem 15-SA part 4 4- Prepare a rcport showing the totar cost of each job in process an f::1" the Good: t lr*ess rnrcntory accounr barance. preparc Print Mernr :' ' -" "' '' i
  • 30. that the sum of their costs fior Finished Goods Goods in proces"iffi*:;r Job' costs W @ Balance Finished Goods Inwntory lnventory and Cost of Goods Sold. {Omit tfte '*$" si$n in your re .) ar reports Balance Balance $: : 4 Z- 7 & [email protected]/. 8z ?, F 7Zt 4a* *aa.a ra $' Cost of Goods SoldW @ W ezto.nfiecl rud.rrng ranr hi ll.corr/frm.tpx 1AQ Journal 1 Norton Vol. C – Whitman – “Crossing Brooklyn Ferry” and for
  • 31. Tues. “Song of Myself” Emily Dickinson – “Success is Counted Sweetest,” “’Faith’is a Fine Invention,” “I Taste A Liquor,” “Wild Nights,” “I Felt a Funeral,” “I Heard a Fly Buzz,” “Much Madness,” “My Life had Stood,” “A Narrow Fellow,” “Tell All the Truth.” Journal 2 Twain’s Letters from the Earth in Vol. C his “The War Prayer” Chopin’s “The Storm” Journal 3 Chapters I-XX in Chopin’s The Awakening Journal 4 Chapters XXI-XXX in Chopin’s The Awakening Crane’s “The Open Boat” and Vol. C Sinclair’s The Jungle ch. IX Journal 5 Robinson’s “Luke Havergal,” “Richard Cory,” “Miniver Cheevy,” and “Mr. Flood’s Party” and in Vol. D. Pound’s “In a Station,” “The River Mechant’s,” “from The Cantos: I” Eliot’s “The Lovesong of J. Alfred Prufrock,” “from Tradition and the Individual Talent,” “The Waste Land,” and “The Hollow Men” Journal 6 Stevens’s “The Emperor or Ice Cream,” “Anecdote of the Jar,” “Thirteen Ways of Looking at a Blackbird,” and “The Idea of Order at Key West”
  • 32. The Journal The reader response journal should serve more as a tool to assist you in reading works from The Norton Anthology: American Literature than as an assignment for me to grade. It will help you to read actively, as a participant in a conversation with the text. You will use it to record your thoughts, feelings and ideas – your reactions to the readings. A record of such reactions teaches you important analysis skills, but without the punitive consequences of a check for errors in grammar, spelling, and punctuation. I will assess mechanics skills in your essays and exams, but not so much in journal entries, which again serve you, not me. When I grade these I will check for two qualities: 1. Length – each entry should be at least one typed page. 2. Analysis – you must not, under any circumstances, summarize the text. Assume I’ve read the piece. Don’t tell me the story, poem, essay, etc. all over again. Instead, react to it – talk back to it – in your own words. However, you must refer to details from the text in order to convince me you’ve read. You should have one typed journal entry per week. You may respond to any of the readings assigned for that week, but I recommend only taking on one reading at a time so as not to dilute your response. Don’t try to respond to everything. You learn more by focusing – by both zeroing in on and by deeply exploring a single text.