Accounting Help 12

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E 26-2A

Schedule of cost of goods Manufactured. The following information is supplied for Morales Mining and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20–. Assume that all materials inventory items are direct materials.

Work in process, January 1 $70,000

Materials inventory, January 1 28,000

Materials purchases 32,000

Materials inventory, December 31 24,000

Direct labor 44,000

Overhead 18,000

Work in process, December 31 56,000

P 26-8A

Job Order Costing Transaction B &L Enterprisers makes garage doors. During the month of February, the company had four job orders: 303, 304, 305 and 306. Overhead was applied at predetermined rates, while actual factory overhead was recorded as incurred. All four jobs were completed.

a. Purchased raw materials on account $40,000

b. Issued direct materials to production :

Job No. 303 $8,000

Job No. 304 9,000

Job No. 305 7,000

Job No. 306 8,500

c. Issued indirect materials to production, $5,000.

d. Incurred direct labor costs;

Job. No. 303 $5,000

Job. No. 304 4,000

Job. No. 305 4,800

Job No 306 5,200

e. Charged indirect labor to production, $3,100

f. Paid electricity, heating oil, and repair bills for the factory and charged to production $4,900.

g. Applied factory overhead to each of the jobs using a predetermined factory overhead rate as follows:

Job. No. 303 $3,000

Job No. 304 3,500

Job No. 305 3,000

Job No. 306 3,500

H. finished Job Nos. 303 – 306 and transferred to the finished goods inventory account as products J, K, L, and M.

I. Sold products J, K, L, and M for $19,000, $18,500, $16,000 and $18,300 respectively.

Required:

1. Prepare general journal entries to record transactions (a) through (i).

2. Sold products to work in process and finished goods T accounts only.

26-

0

8A

Mark Sears: Note: Use of this column is optional and will not be graded.

(Job No. 303)

Work in Process (Job No. 303)

Work in Process (Job No. 304)
Work in Process (Job No. 305)
Work in Process (Job No. 306)

Work in Process (Job No. 303)

Work in Process (Job No. 304)
Work in Process (Job No. 305)
Work in Process (Job No. 306)

(Product J)

Work in Process (Job No. 303)
Work in Process (Job No. 304)
Work in Process (Job No. 305)
Work in Process (Job No. 306)
Finished Goods (Product J)
Accounts Receivable

Sales

Cost of Goods Sold

Finished Goods (Product K)

Accounts Receivable
Sales

Cost of Goods Sold

Finished Goods (Product L)

Accounts Receivable
Sales

Cost of Goods Sold

Finished Goods (Product M)
Work in Process Finished Goods

0 Bal. 0

Problem 26-8A

Name:

1.

GENERAL JOURNAL

Date

Account / Description

Post. Ref.

Debit

Credit

(a)

(b)

Work in Process

Work in Process (Job No. 304)

Work in Process (Job No. 305)

Work in Process (Job No. 306)

(c)

(d)

(e)

(f)

(g)

(h)

Finished Goods

Finished Goods (Product K)

Finished Goods (Product L)

Finished Goods (Product M)

(i)

Accounts Receivable

Sales

Cost of Goods Sold

2.

Bal.

26-08B

Name:

1.
GENERAL JOURNAL

Date Account / Description Post.
Ref. Debit Credit

(a)

(b)

(c)

(d) Work in Process (Job No. 501)

Work in Process (Job No. 502)
Work in Process (Job No. 503)
Work in Process (Job No. 504)

(e)

(f)

(g) Work in Process (Job No. 501)

Work in Process (Job No. 502)
Work in Process (Job No. 503)
Work in Process (Job No. 504)

(h)

Work in Process (Job No. 501)
Work in Process (Job No. 502)
Work in Process (Job No. 503)
Work in Process (Job No. 504)

(i) Accounts Receivable
Sales

Cost of Goods Sold

Finished Goods (Product W)

Accounts Receivable
Sales

Cost of Goods Sold

Finished Goods (Product X)

Accounts Receivable
Sales

Cost of Goods Sold

Finished Goods (Product Y)

Accounts Receivable
Sales

Cost of Goods Sold

Finished Goods (Product Z)

2.
Work in Process Finished Goods

Bal. Bal. 0

Problem 26-8B
	Mark Sears: Note: Use of this column is optional and will not be graded.
			Work in Process (Job No. 501)
			Work in Process (Job No. 502)
			Work in Process (Job No. 503)
			Work in Process (Job No. 504)
	Finished Goods (Product W)
	Finished Goods (Product X)
	Finished Goods (Product Y)
	Finished Goods (Product Z)

E26-2A

Mark Sears: Enter as a formula

Mark Sears: Enter as a formula

Mark Sears: Enter as a formula

Morales Mining and Manufacturing Company
Schedule of Cost of Goods Manufactured
For Year Ended December 31, 20–
Work in process, January 1, 20–
Materials inventory, January 1, 20–
Materials purchases
Materials available for use
Materials inventory, December 31, 20–
Cost of materials used	Mark Sears: Enter as a formula
Direct labor
Overhead
Total manufacturing costs				Mark Sears: Enter as a formula
Total work in process during the period
Work in process, December 31, 20–
Cost of goods manufactured

Essay Question

Please go to Chapter 18, review the purpose of the differenct depreciaiton methods and write a short answer essay of at least 150 words explaining the purpose of depreciation and its fulfillment of the matching principle.

Grading Rubric

E26-2A

13 points

*requirement 1 8 points
*requirement 2 5 points

Essay Question 5 points

0

Week 6 Grading Rubric
Point Available	Points Earned
7 points
P26-08A		13 points
	*requirement 1		8 points
	*requirement 2			5 points
P26-08B
Total Score