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"Hello! I need some help on the below problem. I c...




"Hello! I need some help on the below problem. I can't seem to get the numbers right. I've attached an excel spreadsheet to enter the information into. The cells with the double lines should turn green once the correct numbers are entered. I think I have the right answers, but none of my cells are turning green! I just want to make sure I'm not looking at it completely wrong. Thanks for the help! On December 1, Stone Mountain Production Company had a work in process inventory of 1,200 units that were complete as to materials and 50% complete as to labor and overhead. December 1 costs follow: Materials.......$6,000 Labor...........$2,000 Overhead........$2,000 During December the following transactions occurred: a. Purchased materials costing $50,000 on account. b. Placed direct materials costing $49,000 into production. c. Incurred production wages totaling $50,500 d. Incurred overhead costs for December: Depreciation......$20,000 Utilities.........$28,000 (cash payment) Salaries..........$11,000 (cash payment) Supplies..........$2,000 (from inventory) e. Applied overhead to work process at a predetermined rate of 125% direct labor cost. f. Completed and transferred 10,000 units to Finished Goods. (Hint: you should first complete equivalent units and unit costs.) Stone Mountain uses an average cost system. The ending inventory of work in process consisted of 1,000 units that were completed as to materials and 25% complete as to labor and overhead. Required: Prepare the journal entries to record the above information for the month of December.


Paper#9126 | Written in 18-Jul-2015

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