Various – 1-16

Need homework help, See attached nos. 1-16.

221t13

\
Assi g nrrent Print Vieryv

Exercise 15-9 Journal entries for labor L.A. P2
The following information is available for Lock-Dolvn Company, which produces special-order security
products and uses a job order cost accounting system.

April 3i) May 31
lnr,entories

Rawmaterials $41,001) $ 47,000
Goods in process 10,701) 22,000
Finished goods 59,001) 30,600

Activties and information for May
Raw materials purchases (paid with cash) 190,000
Factory payroll (paid with cash) 415,000
Factory orerhead

lndirect materials 12,O0O
lndirect labor 75,000
Other owrhead costs 103,500

Sales (receircd in cash) 1,270,000
Predetermined owrhead rate based on direct labor cost 65%

1. Factory payroll costs in cash.
2. Direct labor usage.
3. Jnd;rect labor usage.

Prepare joumal entries forthe abo\,e e\,ents forthe month of May. (Orilit the ‘”$” sign in your rosponse.)

Erents General Joumal

Debit Credit

1. 415,000

ffi 41s,ooo

ffi

View Hint #1

Worksheet

Fxerclse 15-9 Joumal entriesfor labor L.a. P2

Exercise 15-4 Analysis of cost flows L.O. C2, P1 , P2, P3
As of the 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 1O4
Direct materials $ 31,000 $ 65,000 $ 49,000
Direct labolt4,000 25,400 45,000
Owrhead 6,580 11,938 21,150

Job 1O2 was started in production in May and the following costs w€’e assigned to it in May: direct
materials, $11,000; direct labor, $3,300; and or,erhead, $1,551. Jobs 1l)3 and 104 are started in June.
Overhead cost is applied with a predetemined rate based on direct lal)or cost. Jobs 102 and 103 are
fnished in June, and Job 104 is expected to be finished in July. No rarrr materials are used indirectly in
June. Using this information, answer the following questions. (Assum:) this company’s predetemined
orerhead rate did not change across these months).

1. What is the cost of the raw materials requisitioned in June for each (f the three jobs? iomii the “$”
sign in your respons.e,)

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2121113 Assignn€nt Print View

Job 102 $
Job 103 $
Job 104 $

2. How much direct labor cost is incuned during June for each of the three jobs? {omit the ‘,$” sign in
y*ur resn:anse.)

Job 102 $
Job 103 $
Job 104 $

3. what predetermined or.rerhead rate is used during June? {omit the “yJ’sign in yoirr response.}

Predetermined o\erhead rate yo

4. How much total cost is transfened to finished goods during Jun€r? {Omit the “”g” sign in your
response.)

Total transfened cost $

View Hint #1

\ rorksheet

Exercise15-4Anatsr$oFcoslforysL.O.C2,P1,P2, |? ,r .,’ e
P3 -, a,,

t . .e. , .-).pa n- . .rnd – ,e
‘,-,r. .r’,.r:Jur :_aJ..

€xercr’se 1 5-15 Overhead rate calculation, allocatian, and analysis L.A. p3
Red Wing Company applies factory orcrhead based on direct labor costs. The company incuned the
following costs during 2011: direct materials costs, $636,500; direct labcr costs, 91,400,000; and fuctory
or,erhead costs applied, $588,000.

1. Determine the company’s predetermined o\,erhead rate for year 201’1. {Omit the “Yo” sign in your
response.)

Predetermined o\erhead rate %

2. lnthe Goods in Process ln\€ntory accountfor year2A11, the ending balance is $53,000 which includes
$21,000 in direct labor cost, determine the direct material cost. {Omii ti.:e

.’$.. sign in your response.}

Direct materials costs $

3. ln the Finished coods ln\entory account for year 2O11, the ending balilnce is $337,420 which includes
$137,42O in direct material costs, determine the direct labor costs anrJ overhead costs. iRound your
intermediate calculationsand final ansrersto the nearesf dollal amount. Omit the “‘$.’s;ign in
yaur response.)

Direct labor cost $
Facl9ry overheq! co9!s .

Worksheel

Exercise ar Overhead rate calculation. aflocatien.
and annlysis L.Q. P3 : – ,k

Exercise 15-11 Adjusting factory overhead L.O. P4
The following information is a\ailable for Lock-Down Company, which produces special-order security
products and uses a job order cost accounting syslem.

April 30 May 31

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2t21t13

Beginning goods in Process
(From March) $

For APril

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lnvenlories
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 or,erhead

lndirect materials
lndirect labor
Other o\,erhead costs

Sales (recei\ied in cash)
Predetermined orerhead rate based on direct labor cosl

Assignmrril PrintVieur

$ 39,000 $ 9,000
11,200 20,000
66,000 38,000

189,000
420,OO0

13,000
73,000
95,000

1,21 0,000
65%

Prepare the ioumal entry to allocate (close) orerapplied or underapplied c’\,erhead to Cost of Goods Sold

{Omit the “$” sign in your response.}

General Joumal

Cost ofqoods sold l.

Worksheet

E””:r;ise 15-1 1 ACjusting faciary averheaC L.a. p4

Problem 1 5-1A Production costs computed and recorded; repoLts prep,tred L.O. C2, P1 ‘ P2’ P3, P4
[The fottowing information applies to the questions displayed below.]

Winfey Co.’s March 31 inlentory of raw materials is $150,000. Raw malerials purchases in April are
$400,000, and factory payroll cost in April is $235,000. Or,ertread costs incuned in April are: indirect
materials, $26,000; indirect labor, $15,000; tuctory rent, $19,000; factory ltilities, $14,000; and hctory
equipment depreciation, $63,000. The predetermined o\.erhead rate is 60% of direct labor cost. Job 306 is

sold for $350,000 cash in Apdl. Costs of the three iobs worked on in April follt:rw’

Job 306 Job 307 Job 308
Balances on March 31

Direct materials

Direct labor

Applied owrhead

Costs during April
Direct materials
Direct labor
Applied orcrhead

Status on April 30

Debit Credit

$ ‘10,000 $ 16,000
17,000 15,000
‘10,200 9,000

105,000
23,000

180,000 $ 115,000
57,000 1,10,000

Finished (sold) Finished (unsold) ln process

Section Break

Prcb lem 1 5-1 A ProCuctian costs cornpuled and
{ecorded: repofts prepared L.O. C?, P1 , P2, P3, P4

Prablem 15-14 Part 1
Required

1. Determine ihe total of each production cost incuned for Aprff (direct {alnr, direct materials, and applied

o\,erhead), and the total cost assigned to each job (including the balal’ces ftom March 31). {Leave no

cellsblank-trecertaintoenter”‘0″wheleverrequired.Omitthe $”dgninyourrespsnse.)

. -I -‘:-.;;,t.,, ,_^.^ ,d rnls for

307 308 APril

Total

306

412

221113

Problem 15-1A Fart 2
a. Materials purchases (on credit), factory payroll (paid in cash), anr:. actual or,erhead costs including

indirect materials and indirect labor. (Factory rent and utilities are paid in cash.)
b. Assignmeni of direct materials, direct labor, and applied overhead costs to the

Goods in Process

lnr€ntory.
c. Transfer of Jobs 306 and 307 to the Finished Goods lnr,entory.
d. Cost ofgoods sold forJob 306.
e. Revenue ftom the sale of Job 306.
f. Assignment of any underapplied or o\erapplied or.erhead to the G:st of Goods Sold account. (The

amount is not material.)

2. Prcpate joumal entries forthe month of April to record the above tra.tsactions. (Omit the “g” sign in

your

response,)

General Journal Debit Credit
To record materials purchases.m
ffi

To record factory payroll.

ffi
ffi

To record indirect materials.

ffi
ffi

To record indirect labor.

ffi
ffi

To record factory ren

ffi
ffi

To record factory utilities.

ffi
ffi

To record depreciation for factory equipment.

ffi
ffi

b. To assign direct materials to jobs.
ffi
ffi

To assign direct labor to jobs-

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Assi g nrrprt Print Visrrr

Direct materials
Direct labor

Applied or,erhead

Total costs added in April

Totalcosts $ $ $ $

Wofksheet
” ..r.’ie’.€ , ..,t)t’ I .1:”,1 t. — . -,,x!.’- ^rin- e-

‘rO . lrt ‘^ . ,.S. Ji

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2121n3

Worksheet

Problem 15-1A Part 3

Workshaet

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ffi
ffi

To apply olerhead to jobs.

ffi
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c. To record jobs completed.

ffi
ffi

To record sale ofjob.

ffi
ffi

To assign Owr/Underapplied o\€rhead.

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ffi
t.

Print Vierv

ffi
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To record cost of sale of iob.

3. Prepare a manufacturing statement forApril (use a single line for direct materials and shorrv
the details of or,efiead cost.) (Amounts to be deducted sfrould indicated with a minus sign.
Omit the “$” dgn in your response.)

‘,YJH:|J”:'”HH”For Month Ended April 30

Total manufacturing c6ts

Total cost of goods in process

Cost of goods manufactured

iei i]usi

5t12

2t21113 Assi g nn’ent Print Vienr

i^Problern 15-1APar13

After examining rarious files, the manager identifies the following six souttle documents that need to be
processed to b’ring the accounting records up to date’

Materials requisition 21-3010: $4,500 direct materials to Job 402
Materials requisilion 21-3011: $7,300 direct materials to Job 404
Materials requisition 21-3012: $1,800 indirect materials
Labor time ticket 6052: $7,000 direct labor to Job 402
Labortime ticket 6053: $3,000 direct laborto Job 404
Labor time ticket 6054: $5,000 indirect labor

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Problem 15-1 A Part 4
4.1 Compute gross profit forApril. {Omitthe “$” sign in your response,}

Gross profit $

4.2 Show how to present the in\,entories on the April 30 balance sh(:et. {Orfiit the ‘”$” sign in y**r
response.)

ln\rentories

Raw materials $
Goods in process (Job 308)

Finished goods (Job 307)

Total in\entories

ProblemlS-2ASaurcedacuments,iournalentries,overhead,andfinancialrepoltsL.O. P1,P2.P3,P4
[The foilowing information applies to the quesfions displayed below.]

Thai Bay’s computer system generated the following trial balance on Deceinber 31, 2011. The company’s
manager knows something is wrong with the trial balance because it does rot show any balance for Goods
in Process ln\,entory but does show balances for the Factory Payroll and Fa,:tory Overhead accounts.

Debt Credit
Cash $ 47,000
Accounts recei\able 41,000
Raw materials in\,entory 25,500
Goods in process in\entory 0
Finished goods inr,entory 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 15,000
Factory or,erhead 25,000
Operating expenses 35,000

Totals $320,500 $320,500

d12

2t21t13

10.

Job6 402 and 4M are the only units in pmcess at year-end. The
direct labor cost.

Section Break Problem
15-2ASource

overhead, and financial

Problem 15-2A Part 1
a. DiEct materials costs to Goods in Procqss lnwntory.
b. Dircct labor costs to Goods in Process ln€ntory.
c. Orerhead costs to Goods in Prccess lnr€ntory.
d. lndirect materials costs to the Factory O\erhead account.
e. lndirect labor costs to the Factory Orcrhead account.

Required:
‘1. Prepare joumal entries lo assign the above costs. (Omit the “$” dgn

PrintVienr

o\trhead rate is 30oo/o of

your response,)

Date General Joumal
a.ffi

ffi
b.ffi

ffi
c.ffi

ffi
d.ffi

ffi
e.ffi

ffi
ll9orksheet

Problem 15-2AParl1

Problem 15-24 Part 2
2.1 Detemine the re\ised balance of the Factory O\€rhead account

Determine yrtrether there is any under- or o\erapplied olerhead
positive values Omit the ‘$* sign in your response.)

t(oi”k t” “d”.t) f-] $
2.2 Pr@re the adjusting entry to allocate any oer- or undempplied

assuming the amount is not material. {Omit fie ‘

Date General Jomd
Dec.31 ffi

ffi

cledit

l lorksheet

Problem 15-2APaft2

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making the entries in part 1.
year. (lnput all amounts as

to Cost of Goods Sold,
.)

Debit ctedit

. – -;.Juil!ilg.

‘. .. j

. –veuilurrg.

-::l–*.,,1,rg,

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2121113

11.

12.

Problem 15-24 Part 3

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(Click to Eelect)
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Totals

Worksheet

Problem 15-24 Parl3

Problem 15-2A Part 4

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Assets

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3. Prepare a rerised trial balance. (fhe items in the Trial Bal

4.1 Prepare an incorne stat€rnent br year 201 1. {Amounts to be
be indicated with minus dgn. Omit the “$” sign in your

THAI BAY COMPANY
lncome Statement

For Year Ended December 31, 201 1

4.2 Prcparc a balance sheet as of Decernber 31, 2011. {Be sure

order of their liquidity. Omit the ”

THAI BAY COMPANY
Balance Sheet

December3l,2011

Assets Liabilities (in order of their liquidity), Equity,
blank – be certain to enter “0” wherever required. Omit the sign in your response.)

THAI BAY COMPANY
Trial

Balance

December 31, 201

PrintVialtl

should be grouped as follows;
and Expenses Leave no cells

and nel loss amount sfiould

the assets and liabilities in

– -ts

8t12

221t13 Assignrrrent Print Vial
$

to select) i-

lnrentories

to select)
(Click to

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Total Assets

Liabilities and Equity

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Total Liabilities

ffi

Total Stockholders’ Equity

Total Liabilities and Equity

Worksheet

Problem 1 5-2A Pan 4
I

.” i.;-.

Problem 15-3A Source documents, iaurnal entries, and accounts in jot’.t order cost accounting L.O. p1 , p2, p3
[The foilowing information applies to the questions disptayed below.]

Westin Watercraft’s predetermined or,erhead rate for year 2O11 is 20O% of tJirect labor. lnformation on the
company’s production activities during May 2011 follows.

a. Purchased raw materials on credit, $200,000.
b. Paid $128,9O0 cash for factory wages.
c. Paid $15,500 cash to a compuler consultant to reprogram factory equipmt:nt_
d. Materials requisitions record use of the following materials for the month.

Job 136
Job 137
Job 138
Job 139
Job 140

Total direct materials
lndirect materials

Total materials used

Job 136
Job 137
Job 138
Job 139
Job 14O

Total direct labor
lndirect labor

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$ 49,000
32,000
1 9,200
22,600

6,600

‘t29,400
21,400

$1 s0,400

e. ‘llme tickets record use of the following labor for the month

$ 12,100
‘10,800

38,100
39,200
t’^

103,400
25,500

9112

221t13
Total

expircd factory insurance).

Depreciation of factory building
Depreciation of iactory equipment
Expired factory insurance
Accrued pmperty taxes payable

Section Break

13.

Probtem 1 5-3A Part I
Required:
‘1. Prepare a job cost

response,)

Materials

Labor

O\refiead

Total cost

Worksheet

Problem 1 5-3A Paft 1

14. ‘-;,:-
Prablem 15-3A Part 2

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lU12

$1 28,900

f. Applied owrhead to Jobs 136, 138, and 139.
g. Transfuired Jobs 136, 138, and ‘139 to Finished Goods.
h, Sdd Jobs 136 and 138 on crcdit at a total price of$S35,0O0-
i. The company incuned the trlowing orcrhead costs during the

$ 68,000
36,500
12,000
36,500

i. Applied orefiead at month-end to the Goods in Process (Jfu 137
o\,erhead rate of 2ffiYo of direct labd cost.

stleet for each job worked on during the

Job No. 136 Job No. 137 Job No.

2. Prepare joumal entries to record the e\,ents and transactions a
response. )

General Joumal

to
to

{Click ts sdect}
{Click to sdect}

PrintView

(credit Prepaid lnsurance fur

140) using the predetermined

lournal enties,
cost accounting L.O. Pl , P2,

(Omit the *$”

Jd.!!o. 113!
$ – -.

dgn in your

.Job-.ry.o,!4

/’. (Omit the ‘$” sign in your

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15. ” 70

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Iwo*sheet

to $dect) lv

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(Olck to sdect)
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Problem 1 5-3A Pan 2

Problem 15-3A Part 3
3. Prepare T-accounts for each ofthe folloiving general ledger each of which started the month

with a zero balance: Raw Materials lnrentory, Goods in process
Factory Payroll, Factory O\erhead, Cost of Goods Sdd. Then

tory, Finished Goods lnentory,
the joumal entries to these T-

accounls and detemine the balance d each accourt {Record the sactions in lhe given order.
Leave no cells blank – be certain to enter “0,. wherever
response.)

Omit the ‘$” Sgn in your

GENERAL LEDGER ACCOUNTS
Raw Materials

Goods in Process

(Click to selectli v

kdfrt”lGtT-n
Itol*;E-eqrlT;l_ry
Bal-

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Bal.

:
Worksheet

Problem 15-3A Patl3

Problem 15-3A Part 4
4. Prepare a repqt showing the total ccst of each job in process

equals the Goods in Process lnrentory account balance. Prepare
ln\,entory and Cost of Goods Sold. (Omit the “$” sign in your re

Reports ofJob Costs
Goods in Process lnr,entory

l@t6;J”qtII
l€tbki;”d.irtr]

Balance

Finished Goods ln\€ntory

t@1″-6R
Balance

Cct of Goods Sdd
lidi*t” -Fl
Itqicr, tos€tdctTl

Balance
Worksheet

Problem 15-3A Pan 4

l ‘t:; ‘ ..- ,.,

“l -…::..L ! C.

| . .-. ,r1 -.. -.1si “-
t.—. ,,. . . _. :-:

, ‘ ,:’ -1, ,/ _.a’ -/ ,..-). .,r,- .,1..”.:.iire-,

that the sum of their costs
reports for Finished Goods

‘.-:;adut

dgn in your

Date General Jomd
Dec.31 ffi
ffi
cledit
l lorksheet
Problem 15-2APaft2
ezto.nhedod.rrg r&rAti ll.cdrv?mtsx
making the entries in part 1.
year. (lnput all amounts as
to Cost of Goods Sold,
.)
Debit ctedit
. – -;.Juil!ilg.
‘. .. j
. –veuilurrg.
-::l–*.,,1,rg,
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2121113
11.
12.
Problem 15-24 Part 3
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Totals
Worksheet
Problem 15-24 Parl3
Problem 15-2A Part 4
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Assets
ezto.nflecloud.nEg rantstf ll.can/trn.Sx
3. Prepare a rerised trial balance. (fhe items in the Trial Bal
4.1 Prepare an incorne stat€rnent br year 201 1. {Amounts to be
be indicated with minus dgn. Omit the “$” sign in your
THAI BAY COMPANY
lncome Statement
For Year Ended December 31, 201 1
4.2 Prcparc a balance sheet as of Decernber 31, 2011. {Be sure to
order of their liquidity. Omit the “$’sign in your response.)
THAI BAY COMPANY
Balance Sheet
December3l,2011
Assets Liabilities (in order of their liquidity), Equity,
blank – be certain to enter “0” wherever required. Omit the sign in your response.)
THAI BAY COMPANY
Trial Balance
December 31, 201 I
PrintVialtl
should be grouped as follows;
and Expenses Leave no cells
and nel loss amount sfiould
the assets and liabilities in
– -ts
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221t13 Assignrrrent Print Vial
$
to select) i-
lnrentories
to
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Total Assets
Liabilities and Equity
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Total Liabilities
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Total Stockholders’ Equity
Total Liabilities and Equity
Worksheet
Problem 1 5-2A Pan 4
I
.” i.;-.
Problem 15-3A Source documents, iaurnal entries, and accounts in jot’.t order cost accounting L.O. p1 , p2, p3
[The foilowing information applies to the questions disptayed below.]
Westin Watercraft’s predetermined or,erhead rate for year 2O11 is 20O% of tJirect labor. lnformation on the
company’s production activities during May 2011 follows.
a. Purchased raw materials on credit, $200,000.
b. Paid $128,9O0 cash for factory wages.
c. Paid $15,500 cash to a compuler consultant to reprogram factory equipmt:nt_
d. Materials requisitions record use of the following materials for the month.
Job 136
Job 137
Job 138
Job 139
Job 140
Total direct materials
lndirect materials
Total materials used
Job 136
Job 137
Job 138
Job 139
Job 14O
Total direct labor
lndirect labor
ezto.nf€clorjd.rncg ra\^tshill.cffiVhm.tpx
$ 49,000
32,000
1 9,200
22,600
6,600
‘t29,400
21,400
$1 s0,400
e. ‘llme tickets record use of the following labor for the month
$ 12,100
‘10,800
38,100
39,200
t’^
103,400
25,500
10
to
9112

221t13
Total
expircd factory insurance).
Depreciation of factory building
Depreciation of iactory equipment
Expired factory insurance
Accrued pmperty taxes payable
Section Break
13.
Probtem 1 5-3A Part I
Required:
‘1. Prepare a job cost
response,)
Materials
Labor
O\refiead
Total cost
Worksheet
Problem 1 5-3A Paft 1
14. ‘-;,:-
Prablem 15-3A Part 2
ezto.rnheclor.d.nrg raurhill.ccrvtrn@x
lU12
$1 28,900
f. Applied owrhead to Jobs 136, 138, and 139.
g. Transfuired Jobs 136, 138, and ‘139 to Finished Goods.
h, Sdd Jobs 136 and 138 on crcdit at a total price of$S35,0O0-
i. The company incuned the trlowing orcrhead costs during the
$ 68,000
36,500
12,000
36,500
i. Applied orefiead at month-end to the Goods in Process (Jfu 137
o\,erhead rate of 2ffiYo of direct labd cost.
stleet for each job worked on during the
Job No. 136 Job No. 137 Job No.
2. Prepare joumal entries to record the e\,ents and transactions a
response. )
General Joumal
io
to
to
{Click ts sdect}
{Click to sdect}
PrintView
(credit Prepaid lnsurance fur
140) using the predetermined
lournal enties,
cost accounting L.O. Pl , P2,
(Omit the *$”
Jd.!!o. 113!
$ – -.
dgn in your
.Job-.ry.o,!4
/’. (Omit the ‘$” sign in your
{Click to sid€i:tl
(Clicft to edectl
{Click tosdect}
I

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15. ” 70
to
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to
J.
Iwo*sheet
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Problem 1 5-3A Pan 2
Problem 15-3A Part 3
3. Prepare T-accounts for each ofthe folloiving general ledger each of which started the month
with a zero balance: Raw Materials lnrentory, Goods in process
Factory Payroll, Factory O\erhead, Cost of Goods Sdd. Then
tory, Finished Goods lnentory,
the joumal entries to these T-
accounls and detemine the balance d each accourt {Record the sactions in lhe given order.
Leave no cells blank – be certain to enter “0,. wherever
response.)
Omit the ‘$” Sgn in your
GENERAL LEDGER ACCOUNTS
Raw Materials
Goods in Process
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Problem 15-3A Patl3
Problem 15-3A Part 4
4. Prepare a repqt showing the total ccst of each job in process
equals the Goods in Process lnrentory account balance. Prepare
ln\,entory and Cost of Goods Sold. (Omit the “$” sign in your re
Reports ofJob Costs
Goods in Process lnr,entory
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Finished Goods ln\€ntory
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Cct of Goods Sdd
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Problem 15-3A Pan 4
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that the sum of their costs
reports for Finished Goods
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THAI BAY COMPANY
Balance Sheet
December3l,2011
Assets Liabilities (in order of their liquidity), Equity,
blank – be certain to enter “0” wherever required. Omit the sign in your response.)
THAI BAY COMPANY
Trial Balance
December 31, 201 I
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should be grouped as follows;
and Expenses Leave no cells
and nel loss amount sfiould
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