Determine the missing amounts

Assignment Help Financial Accounting

Reference no: EM131140206

alyzing manufacturing cost accounts

Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for June:

June 1	Balance	82,500	June 30	Requisitions
30	Purchases	330,000

Materials

(A)

Work in Process

1792_work in progress.png

Finished Goods

June 1	Balance	0	June 30	Cost of goods sold	(G)
30	Completed jobs	(F)

Wages Payable

Factory Overhead

49_Factory Overhead.png

In addition, the following information is available:
a. Materials and direct labor were applied to six jobs in June:

Job no.	Style	Quantity	Direct Materials	Direct Labor
201	T100	550	$ 55,000	$ 41,250
202	T200	1,100	93,500	71,500
203	T400	550	38,500	22,000
204	S200	660	82,500	69,300
205	T300	480	60,000	48,000
206	S100	380	22,000	12,400
	Total	3,720	$351,500	$264,450

b. Factory overhead is applied to each job at a rate of 140% of direct labor cost.

c. The June 1 Work in Process balance consisted of two jobs, as follows:

Job no.	Style	June 1
Job 201	T100	$16,500
Job 202	T200	44,000
Total		$60,500

d. Customer jobs completed and units sold in June were as follows:

Job no.	Style	Completedin June	Units Sold in June
201	T100	X	440
202	T200	X	880
203	T400		0
204	S200	X	570
205	T300	X	420
206	S100		0

Instructions
1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:

June 1						Cost of
Work in	Direct Direct	Factory	Total	Unit	Units	Goods
Job no. Quantity Process	MaterialsLabor	Overhead	Cost	Cost	Sold	Sold

2. Determine the June 30 balances for each of the inventory accounts and factory overhead.

Reference no: EM131140206

Questions Cloud

What is the length of the sequence y[n] : if the DFTs are computed using a radix- 2 FFT algorithm. Use this formula to determine the minimum value of N for which the FFT method requires fewer real multiplications than the direct evaluation of the convolution sum

Contrast the effects of the three depreciation methods : Contrast the effects of the three depreciation methods on annual depreciation expense.

Data for quality improvement efforts in organizations : What are important considerations when collecting data for quality improvement? What are some of the obstacles that could hinder the collection of data for quality improvement efforts in organizations?

Contrast the straight line method and the units of activity : Contrast the straight-line method and the units-of-activity method as to

Determine the missing amounts : Determine the missing amounts associated with each letter. - Determine the June 30 balances for each of the inventory accounts and factory overhead.

What value of ? will the direct method be more efficient : Show that for large FFT lengths, the number of complex multiplications per output sample is approximately ν. Thus, beyond a certain FFT length, the overlap-save method is less efficient than the direct method. If P = 500, for what value of ν will ..

Medicaid beneficiaries that participate in prenatal care : A county health department wants to increase the number of Medicaid beneficiaries that participate in prenatal care. It knows that only 40 percent of the expectant mothers eligible for prenatal care fully use the benefit. Many of these target custome..

Analyze six provisions of the texas constitution : Analyze six provisions of the Texas Constitution, including two major provisions for each branch. You will need to research the criticisms and attempts to change major provisions of the Texas Constitution

Analyze the operational components of prisons and jails : Determine whether diversion programs are only beneficial to offenders charged with misdemeanors and non-violent felonies or whether they are also beneficial to offenders charged with felonies and violent crimes. Recommend whether or not the two (2..

User Account

All Pages