Reference no: EM133070189
Question - Vaden Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's inventory balances were as follows:
Raw materials $39,000
Work in process $49,000
Finished goods $10,000
The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 22,000 machine-hours and incur $264,000 in manufacturing overhead cost. The following transactions were recorded for the year:
-Raw materials were purchased, $301,000.
-Raw materials were requisitioned for use in production, $292,000 ($273,000 direct and $19,000 indirect).
-The following employee costs were incurred: direct labor - $296,000; indirect labor - $81,000; and administrative salaries, $181,000.
-Selling costs, $130,000.
-Factory utility costs, $18,000.
-Depreciation for the year was $162,000 of which $155,000 is related to factory operations and $7,000 is related to selling and administrative activities.
-Manufacturing overhead was applied to jobs. The actual level of activity for the year was 21,000 machine-hours.
-Goods totaling $839,000 were transferred to finished goods.
-Sales for the year totaled $1,200,000 and the costs on the job cost sheets of the goods that were sold totaled $824,000.
-The balance in the Manufacturing Overhead account was closed out to Cost of Goods Sold.
Required -
1. Prepare the appropriate journal entries for each of the above items.
2. Show in T-accounts the year-end balances for each of the inventory accounts, the cost of goods sold and manufacturing overhead.
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