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##### Problem 12-13A Job Order Costing System

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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.;My;Questions;I have tried to record the given events into the horizontal statements model.;Question 1: Should I put in all the NAs? Question 2: Should the MOH be added up;all in one or recorded separately as I have done? I would appreciate all your;input and I am trying to start early because I may need step by step help on;this one.

Paper#44065 | Written in 18-Jul-2015

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