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Old Apr 14, 2007, 07:47 AM
ckoski
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Job order cost accounting system

I can't figure this problem out. It's not graded homework, but I do need to know how to do this for an upcoming final in May. Please help!
P21-5A



Freedo Company's fiscal year ends on June 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year.

Other data:
1. On July 1, two jobs were in process: Job No. 4085 and Job No. 4086, with costs of $19,000 and $8,200, respectively.
2. During July, Job Nos. 4087, 4088, and 4089 were started. On July 31, only Job No. 4089 was unfinished. This job had charges for direct materials $2,000 and direct labor $1,000, plus manufacturing overhead.
3. On July 1, Job No. 4084, costing $135,000, was in the finished goods warehouse. On July 31, Job No. 4088, costing $143,000, was in finished goods.
4. Manufacturing overhead was applied at the rate of 130% of direct labor cost. Overhead was $3,000 underapplied in July.

Instructions

Enter the missing amount pertaining to each blank.


Raw Material Inventory

July 1 Beginning balance 19,000 July 31 Requisitions__________

31 Purchase 90,400
July 31 Ending balance___________




Work in Process Inventory

July 1 Beginning balance______________ July.31 Jobs completed ____________
31 Direct materials 80,000
31 Direct labor________________
31 Overhead ________________
July 31 Ending balance _________________




Finished Goods Inventory

July 1 Beginning balance____________ July 31 Cost of goods sold___________

31 Completed jobs _____________
July 31 Ending balance______________




Factory Labor

July 31 Factory wages ________ July 31 Wages assigned _______________


Manufacturing Overhead
July 31 Indirect materials 8,900 July 31 Overhead applied 117,000
31 Indirect labor 16,000
31 Other overhead ____________

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