Luigi77
Nov 12, 2010, 07:04 PM
Garret Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost system for the first month of the new fiscal year. Other data: On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $9,750 and direct labor costs of $15,000. Overhead was applied at a rate that was 80% of direct labor cost. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $3,800 and direct labor $4,800, plus manufacturing overhead. All jobs, except for Job No. 158, were completed in December. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $5,000. On December 31, Job No. 157 was the only job finished that was not sold. It had a cost of $4,000. Manufacturing overhead was $230 overapplied in December. List the letters (a) through (m) and indicate the amount pertaining to each letter. Raw Materials Inventory Dec. 1 Beginning balance a Dec. 31 Requisitions 18,850 31 Purchases 19,225 Dec. 31 Ending balance 7,975 Work in Process Inventory Dec. 1 Beginning balance b Dec. 31 Jobs completed f 31 Direct materials c 31 Direct labor 8,800 31 Overhead d Dec. 31 Ending balance e Finished Goods Inventory Dec. 1 Beginning balance g Dec. 31 Cost of goods sold i 31 Completed jobs h Dec. 31 Ending balance j Factory Labor Dec. 31 Factory wages 12,465 Dec. 31 Wages assigned k Manufacturing overhead Dec. 31 Indirect materials 1,900 Dec. 31 Overhead applied m 31 Indirect labor l 31 Other overhead 1,245