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P5-6 Dan P5-8

1) Juarez Inc. recorded beginning inventory balances and job order costs for Jobs 621 and 622. It then posted various inventory and expense transactions to various accounts. 2) Jackson Company's trial balance on January 31 includes accounts for assets, liabilities, equity, revenues and expenses. Key accounts include Cash, Accounts Receivable, Inventory, Machinery and Accounts Payable. 3) Jackson Company's schedule of inventory on March 31 shows beginning and ending balances for Materials, Work in Process and Finished Goods.

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798 views13 pages

P5-6 Dan P5-8

1) Juarez Inc. recorded beginning inventory balances and job order costs for Jobs 621 and 622. It then posted various inventory and expense transactions to various accounts. 2) Jackson Company's trial balance on January 31 includes accounts for assets, liabilities, equity, revenues and expenses. Key accounts include Cash, Accounts Receivable, Inventory, Machinery and Accounts Payable. 3) Jackson Company's schedule of inventory on March 31 shows beginning and ending balances for Materials, Work in Process and Finished Goods.

Uploaded by

rama
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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P5-6

1)
JUAREZ INC.
Job Order Cost Sheet To Post Beginning Inventory Data
March 01

Job 621 Job 622


Materials 2,800 3,400
Labor 2,100 2,700
FOH 1,680 2,160
Total 6,580 8,260
b) Materials 5,300 7,400
c) materials (400)
f) Labor 6,420 8,160
h) FOH 5,136 6,528
Total 23,436 29,948
i) transferred to the finishe transferred to the

Account Title Debit


2) Materials 19,000
a) Account Payable
n/30

b) Work In Process 18,600


FOH Control 2,400
Materials

c) Materials 600
FOH Control
Work In Process

d) Account Payable 800


Materials

e) Payroll 38,000
Accrued Payroll

f) Work In Process 20,900


FOH Control 7,600
Sales Salaries Exp 5,700
Administrative Salaries Exp 3,800
Payroll

g) FOH Control 9,404.50


acc. Depreciation- Building and equipment
Prepaid Insurance
Account Payable
h) Work In Process 16,720
FOH Control

i) Finished Goods 53,384


Work In Process

j) Account receivable 74,738


sales
Cogs 53,384
Finished Goods

k) Cash 69,450
Account receivable

3) JUAREZ INC.
Schedule of Inventory
March 31

Materials
Work In Proces (Job 623)
Finished Goods
Total

Materials
begin 17,000 21,000 begin
purchase 19,000 800
600
total 36,600 21,800
14,800 Total

P5-8
a) Cash
begin 47,000 37,680
247,000 85,000
294,000 122,680
171,320

Materials
21,500 115,695
115,020
136,520 115,695
20,825
Common Stock
100,000
100,000

Factory Overhead Control


12,000 42,750
7,520 1,450
24,680
44,200 44,200
-

Cost of Goods Sold


190,350
1,450
191,800

2) Account Title Debit


a) Materials 115,020
Account Payable

b) Payroll 110,000
Accrued Payroll

c) Work In Process 78,000


Factory Overhead Control 12,000
Marketing and administrative salaries expense 20,000
Payroll

d) Work In Process 108,175


Factory Overhead Control 7,520
Materials

e) Work In Process 42,750


Applied Factory Overhead

f) Finished Goods 190,350


Work In Process

Job 101 Job 102


5,500 2,000
20,000 40,000
51,600 42,000
11,250 18,000
88,350 102,000
Account Receivable 255,000
sales
Cost of Goods Sold 190,350
Finished Goods

g) Cash 247,000
Sales Discount 13,000
Account Receivable
** A x 5% = (A-247.000)
A = 20A - 4.940.000
19A = 4.940.000
A = 260.000

h) Marketing and administrative salaries expense 15,000


Factory Overhead Control 24,680
Cash
Acc. Dep-Machinery

i) Account Payable 85,000


Cash

j) Applied Factory Overhead 42,750


Factory Overhead Control
Cost of Goods Sold 1,450
Factory Overhead Control

3) Jackson Company
Trial Balance
January, 31

Account title Debit

Cash 171,320
Account Receivable 45,000
Finished Goods 32,500
Work In Process 46,075
Materials 20,825
Machinery 45,300
Acc. Dep-Machinery
Account Payable
Common Stock
Retained Earnings
Payroll
Accrued Payroll
Factory Overhead Control
Marketing and administrative salaries expense 35,000
Applied Factory Overhead
sales
Cost of Goods Sold 191,800
Sales Discount 13,000
600,820
Data

Job 623
1,800
1,350
1,080
4,230
5,900

6,320
5,056
21,506
Still In Process

Credit

19,000

21,000

200
400

800

38,000

38,000

2,000
250
7,154.50
16,720

53,384

74,738

53,384

69,450

14,800
21,506
15,000
51,306

Work In Process Finished Goods


19,070 400 begin ### 53,384
18,600 53,384 ###
20,900 total ### 53,384
16,720 ###
75,290 53,784
21,506

Account Receivable Finished Goods


50,000 260,000 ### 190,350
255,000 ###
305,000 260,000 ### 190,350
45,000 ###

Machinery Acc. Dep-Machinery


45,300 10,000
45,300 2,000
12,000
Retained Earnings Payroll
34,925 ### 110,000
34,925 -

Marketing and administrative salaries expense Applied Factory Overhead


20,000 ### 42,750
15,000 -
35,000

Sales Discount
13,000
13,000

Credit

115,020

110,000

110,000

115,695

42,750

190,350
255,000

190,350

260,000

37,680
2,000

85,000

42,750

1,450

Jackson Company
Cost of Goods Sold Statement
January, 31
Direct Material Used
Cedit Direct Labor
Applied Factory Overhead
Total Manufacturing incurred
Add : Work In Process, January 01

Less : Work In Process, January 31


Cost of Goods Sold
Add: Underapplied Factory Overhead
12,000 Cost of Goods Sold, as adjusted
88,895
100,000
34,925

110,000
255,000

600,820
Work In Process
7,500 190,350
78,000
###
42,750
### 190,350
46,075
Account Payable
85,000 58,875
115,020
85,000 173,895
88,895
Accrued Payroll
110,000
110,000

sales
255,000
255,000
Jackson Company
ost of Goods Sold Statement
January, 31
108,175
78,000
42,750
228,925
7,500
236,425
46,075
190,350
1,450
191,800

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