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The following information reflects Walczak Company's job order production activities for May. $16,000 15,400 Raw Material...

Question

The following information reflects Walczak Company's job order production activities for May. $16,000 15,400 Raw Material...

The following information reflects Walczak Companys job order production activities for May. $16,000 15,400 Raw Material Pur

The following information reflects Walczak Company's job order production activities for May. $16,000 15,400 Raw Material Purchases Factory Payroll Cost Overhead Costs incurred: Indirect Materials Indirect Labor Other Factory OH 5,000 3,500 9,500 Walczak's predetermined OH rate is 150% of DL cost. Costs are allocated to the three jobs worked on during May as follows: Job 401 Job 402 Job 403 WIP inventory, April 30 DM DL Applied Overhead $3,600 1,700 2,550 DM DL Applied Overhead STATUS ON MAY 31 3,550 5.100 7,650 24,150 $3,500 6,000 9,000 18,500 $1,400 800 1,200 3,400 REQUIRED: 1. Determine the total cost of: a. The April 30 inventory of jobs in process b. Materials (direct and indirect) used during Mayo c. Labor (direct and indirect) used during May d. Factory OH incurred and applied during May and the amount of any over- or under- applied OH on May 31. 2. Prepare summarized journal entries for the month on record. a. Materials purchases (on credit), DM used in production, DL used in production, and OH applied b. Actual OH costs, including indirect materials, indirect labor and other OH costs c. Transfer or each completed job to the Finished Goods Inventory account d. Cost of Goods Sold e. The sale (on account) of Job 401 for $35,000 f. Removal of any underapplied or overapplied OH from the Factory OH account. 3. Prepare a schedule of Cost of Goods manufactured in May.

Answers

a. The April 30 inventory of jobs in process.
Particulars Job 401
Direct Materials                  3,600
Add Direct Labor                  1,700
Applied Overheads                  2,550
Total Cost (3600+1700+2550)                  7,850
b. Materials used during May.
Direct Material
Job 401                  3,550
Job 402                  3,500
Job 403                  1,400
Total Direct Materials                  8,450
Add Indirect Materials                  5,000
Total Materials Used (8450+5000)                13,450
c. Labor used during May.
Direct Labor
Job 401                  5,100
Job 402                  6,000
Job 403                     800
Total Direct Labor                11,900
Add Indirect Labor                  3,500
Total Labor Used(11900+3500)                15,400
d. Factory overhead incurred and applied during May and the amount of any over- or underapplied overhead on May 31.
Actual Overhead
Indirect Materials                  5,000
Add Indirect Labor                  3,500
Other Factory Overhead                  9,500
Total ActualOverheads                18,000
Less Applied Overheads ( 11900 *150%)               (17,850)
Underapplied Overheads                     150
e. Each job as of May 31, the May 31 inventories of both goods in process and finished goods, and the goods sold during May.
Job 401 Job 402
In Process Costs from April
Direct Materials                  3,600
Add Direct Labor                  1,700
Applied Overheads ( 150% of direct Labor Cost)                  2,550
Cost Incurred in May
Direct Materials                  3,550          3,500
Add Direct Labor                  5,100          6,000
Applied Overheads( 150% of direct Labor Cost)                  7,650          9,000
Total Costs                24,150        18,500
2. Prepare summarized journal entries for the month to record:
a. Materials purchases (on credit), the factory payroll (paid with cash), indirect materials, indirect labor, and the other factory overhead (paid with cash).
Account Title & Explanation Debit Credit
Raw Material inventory                16,000
         Accounts Payable        16,000
(To record materials purchases)
Factory Payroll .                15,400
                Cash        15,400
(To record factory payroll)
Factory Overhead .                  5,000
      Raw Material inventory          5,000
(To record indirect materials )
Factory Overhead .                  3,500
           Factory Payroll          3,500
(To record indirect labor)
Factory Overhead .                  9,500
              Cash          9,500
(To record other factory overhead)
b. Assignment of direct materials, direct labor, and overhead costs to the Goods in Process Inventory account. (Use separate debit entries for each job.)
Goods in Process Inventory (Job 401) .                  3,550
Goods in Process Inventory (Job 402) .                  3,500
Goods in Process Inventory (Job 403) .                  1,400
      Raw Material inventory          8,450
(To assign direct materials to jobs.)
Goods in Process Inventory (Job 401) .                  5,100
Goods in Process Inventory (Job 402) .                  6,000
Goods in Process Inventory (Job 403) .                     800
                    Factory Payroll .        11,900
(To assign direct Labor to jobs.)
Goods in Process Inventory (Job 401) .                  7,650
Goods in Process Inventory (Job 402) .                  9,000
Goods in Process Inventory (Job 403) .                  1,200
                Factory Overhead .        17,850
(To apply Overheads to jobs @ 150% of Direct labor Cost)
c. Transfer of each completed job to the Finished Goods Inventory account.
Finished Goods Inventory .                42,650
             Goods in Process Inventory (Job 401) .        24,150
          Goods in Process Inventory (Job 402) .        18,500
(To record completion of jobs.)
d. Cost of goods sold.
Cost of Goods Sold .                24,150
            Finished Goods Inventory .        24,150
(To record sale of Job 401)
e. Removal of any under applied or over applied overhead from the Factory Overhead account. (Assume the amount is not material.)
Cost of Goods Sold .                     150
                Factory Overhead .             150
(to assign Underapplied Overheads)
3. Prepare a manufacturing statement for May.
                                                                               Walczak Company
                                                                      Manufacturing Statement
                                                                     For themonth ended May 31
Direct Materials          8,450
Direct Labor        11,900
Factory Overhead .
Indirect Materials                  5,000
Indirect Labor                  3,500
Other Factory Overhead                  9,500        18,000
Total production costs        38,350
Add Work in process, April 30          7,850
Total cost of Work in process        46,200
Less Work in process, May 31         (3,400)
Less underapplied overhead            (150)
Cost of goods manufactured        42,650


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