Calculations – 1-16

Need homework help. See attached. Need by 2/26/13.

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E;.

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 o\Erhead costs 103,500

Sales (receired in cash) 1,270,000
Predetermined overhead rate based_on direct laborcost 65%

l. Factory payroll costs in cas

2. Direct labor usag

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. /’

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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 ..

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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 o\erhead rate %

4. How much total cost is transfuned to finished goods during Junre? {Omit the ‘,$* sign in your
response.)

Total transfened cost $

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€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 o\erhead 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 $ :

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ffx*r*is* “” 1s #v*rhead ref# *el*ulatian, aff*rati*n,
and *nalysis L,{3. trS ..4. : , .: – ..*r

Exercise 15-11 Adjusting factary overhead L”A. p4
The following information is a\ailable for Lock-Down Company, which icroduces special-order security
products and uses a job order cost accounting system.

April 30 May 31

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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 Sol

i0mit the “$” sign in your response.)

General Joumal

Fa oterhead t

Credit

Cost of goods sold i-

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€”*:”;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

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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

Beginning goods in process
:(FromMarch) $ $ $

For April

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308 April Total

3112

421n3

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 o\erapplied 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

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-

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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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llll*rksheet

Problem 15-I A Part 3

Worksheet

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To apply orerhead to jobs.

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,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,

To record sale of jo

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

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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 in\rsntories $

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

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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.

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r:ro*rnsnfs,3ci.rrnaf e*frf*s,

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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 Credit

Date

b.
c.
d.
e.

10.

Date

Dec. 31

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frr*bf*rn 1#^?A Part 2

.’.

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General Journal

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General Joumal

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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 o\er- 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

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Prablem 15-24 Part 3

Totals

Worksheet

Problem 15-2A Part 3

;–

12.

Problem 15-24 Part 4

4″2

Assets

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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

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

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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

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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’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

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Ylfcrksheef

Prab[em t 5-3A paft I

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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

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221113 Assilg rrnent Print Vieur

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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

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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

Balance

Finished Goods Inwntory

lnventory and Cost of Goods Sold. {Omit tfte ‘*$” si$n in your re .)
ar reports

Balance

Balance $: :
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Cost of Goods SoldW
@

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,
sign in your response.)

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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 o\erhead 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
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tc- Vv cJl lciiJ.-rt : . , –
–
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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 o\erhead 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 a\ailable 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
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308 April Total
$
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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 o\erapplied 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’,’- $”:.t”i i
To record factory payroll,
,-
actual overhead costs including
in cash.)
costs to the Goods in Process
t of Goods Sold account. flhe
s, {Omit the “9” s*gn in
Debit Credit
To record indirect materials.
To record indirect labor”
To record tadory rent-
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To record fuctory utilities”
To record depreciation for factory equipment,
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To assign direct materials to jobs.
Hi*-ftttO,$
To assign direct labor to jobs.
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llll*rksheet
7:
Problem 15-I A Part 3
Worksheet
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Assig
To apply orerhead to jobs.
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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
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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 in\rsntories $
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: $5,000 indirect labor
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2121113 Assignnr:nt Print Viam
Jobs 402 and 4M are the only units in process at year-end. The predetern’rined o\,erhead rate is 300% of
direct labor cost.
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L
Frob{em 15-2A Part I
a. Direct materials costs to Goods in Process lnrentory.
b. Direct labor costs to Goods in Process lnlentory.
c. Orerhead costs to Goods in Process lnwntory.
d. lndirect materials costs to the Factory Overhead account,
e. lndirect labor costs to the Factory Orcrhead account’
Required:
1. Prepare joumal entries to assign the aborc costs. {#mitthe *o$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
.’.
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General Journal
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(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 o\er- 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 & -fr.f@/. 8z ?, F 7Zt 4a* *aa.a ra $' Cost of Goods SoldW @ W ezto.nfiecl rud.rrng ranr hi ll.corr/frm.tpx 1AQ 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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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
$,
General Joumal
d.
b.
10t12
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221113 Assilg rrnent Print Vieur
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VlJorksheet
Pr*blern t 5-SA Part 2
Prablem 15-3A Pasl 3
3. Prepare T-accounts for each of the following general ledger accounts, each of which started the month
with a zero balance: Raw Materials lnpntory, Goods in Process lnrr:ntory, Finished Goods lnrentory,
Factory Payroll, Factory Overhead, Cost of Goods Sdd. Then posit the joumal entdes to these T-
acccunts and determine the balance of each accannt. {Record lhe l:ransactions io the given order.
Leave no calls blank – be certain to enter”0″ wherever required. Omit the “$” sign in your
response,)
GENERAL LEDGER ACCOUNTS
–.=-..-.’-.-.*’–*-BY..!. 42W!l *t.”*::y:::=x:-::’3ftAi”kt”””r”ctlF1 l(qi”tt#;Fi
Bal.
Bal.
Bal.
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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 & -fr.f@/. 8z ?, F 7Zt 4a* *aa.a ra
$’
Cost of Goods SoldW
@
W
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