Question;Problem;12-13A Job Order Costing System;Baucom;Manufacturing Corporation was started with the issuance of common stock for;$50,000. It purchased $7,000 of raw materials and worked on three job orders;during 2012 for which data follow. (Assume that all transactions are for fash;unless otherwise indicated.);Direct Raw Direct;Materials Used Labor;Job;1 $1,000 $2,000;Job;2 2,000 4,000;Job;3 3,000 2,000;Total $6,000 $8,000;Factory;overhead is applied using a predetermined rate of $0.60 per direct labor;dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for;$10,000 cash. Baucom paid $400 for selling & administrative expenses.;Actual factory overhead was $4,300.;Required;A.;Record;the preceding events in a horizontal statements model. The first event for 2012;has been recorded as an example. Net;Assets Equity Rev;- Exp = Inc;Cash+Raw;Mats+MOH+WIP+F.Gds=C.Stk+R.Ear;$50,000 NA;NA NA NA =$50,000;NA NA -;NA = NA;B.;Reconcile all subsidiary accounts with their respective control accounts.;C.;Record the closing entry for over- or under applied manufacturing overhead in;the horizontal statements model, assuming that the amount is insignificant.;D.;Prepare a schedule of cost of goods manufactured and sold, an income statement;and a balance sheet for 2012.;Check;Figures Given;d. COGM: $14,100. NI: $3,900.
Paper#37311 | Written in 18-Jul-2015Price : $18