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Bryan Manufacturing

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Bryan Manufacturing begins operations on March 1. Information from job cost sheets shows the following;Manufacturing Costs Assigned (non-cumulative);Job March April May;A $11,500;B $ 5,200 $7,300;C $ 3,400 $5,800 $4,200;D $7,100 $8,000;E $3,400;Job A was completed in March. Job B was completed in April. Job C was completed in May. Each job was sold in the month following completion.;Instructions: Determine the following amounts;1. Work in process inventory, March 31 $;2. Finished goods inventory, March 31 $;3. Work in process inventory, April 30 $;4. Finished goods inventory, April 30 $;5. Work in process inventory, May 31 $;6. Finished goods inventory, May 31 $;The ledger accounts of Larken Company are presented below, with an identification number for each.;Instructions: Prepare appropriate job order cost system entries to record the data/events given below. Place the appropriate identification number(s) in the debit and credit columns provided and the dollar amount in the adjoining column.;1. Cash 9. Accumulated Depreciation;2. Accounts Receivable 10. Sales;3. Raw Materials Inventory 11. Depreciation Expense;4. Work in Process Inventory 12. Factory Labor;5. Finished Goods Inventory 13. Wages Expense;6. Manufacturing Overhead 14. Cost of Goods Sold;7. Accounts Payable 15. Other Accounts;8. Factory Wages Payable;??????????????????????????????????????????;Account(s) Account(s) Dollar;Entry Information Debited Credited Amount;??????????????????????????????????????????;1. Purchased raw materials on account $270,000;??????????????????????????????????????????;2. Incurred factory labor?$100,000;??????????????????????????????????????????;3. Charged direct labor to job 152?$90,000;??????????????????????????????????????????;4. Charged direct materials to job 152?$55,000;??????????????????????????????????????????;5. Incurred manufacturing overhead on account?$65,000;??????????????????????????????????????????;6. Recorded the remaining factory labor as indirect labor;??????????????????????????????????????????;7. Recognized depreciation on factory equipment?$25,000;??????????????????????????????????????????;8. Charged overhead to job 152 at 150% of direct labor cost;??????????????????????????????????????????;9. Recorded completion of job 152;??????????????????????????????????????????;10. Recorded cost of sales for job 152;??????????????????????????????????????????;11. Recorded revenue from sale of job 152 on account? $400,000;??????????????????????????????????????????;12. Assume total actual overhead was $2,260,000 and total applied overhead was $2,280,000 for the year. Record the entry to close the manufacturing overhead account.

 

Paper#79695 | Written in 18-Jul-2015

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