Without regard to your answer in 2 above assume

Assignment Help Accounting Basics

Reference no: EM13587673

Wilkins Manufacturing uses a job order cost accounting system. On December 1, the company has a balance in Work in Process Inventory of $5,500 and two jobs in process: Job No. 429, $3,000 and Job No. 430, $2,500. During December, a summary of source documents reveals the following:

For	Materials Requisition Slips	Labor Time Tickets
Job No. 429	$ 3,200	$ 4,100
Job No. 430	2,600	3,400
Job No. 431	3,400	4,200
Job No. 432	3,000	4,000
General Use	1,000	1,500
	$13,200	$17,200

Wilkins Manufacturing applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 429 is completed during the month.

Instructions

Prepare summary journal entries to record the requisition slips, time tickets, the assignment of manufacturing overhead to jobs, and the completion of Job No. 429. Show computations.

(b) Answer the following questions.

1. What is the balance in Work in Process Inventory at December 31?

2. If Wilkins Manufacturing incurred $6,000 of manufacturing overhead in addition to indirect materials and indirect labor, was overhead over- or underapplied in December and by how much?

3. Without regard to your answer in (2) above, assume manufacturing overhead was underapplied in December. How would this amount be reported in the company's financial statements at December 31?

Reference no: EM13587673

Questions Cloud

A certain part of the electromagnetic spectrum ranges from : a certain part of the electromagnetic spectrum ranges from 200 nm to 400 nm. what is the highest frequency associated

What is the distance traveled by a beam of light in a time : what is the distance traveled by a beam of light in a time of 2.0

Calculate the concentration of hydronium ions h3o from the : calculate the concentration of hydronium ions h3o from the measured ph values. express the answer in two significant

Production beginning inventory 4000 units units started : the painting department of the garner manufacturing company has the following production and manufacturing cost data

Without regard to your answer in 2 above assume : wilkins manufacturing uses a job order cost accounting system. on december 1 the company has a balance in work in

An 825-kg space vehicle is circling earth in a circular : an 825-kg space vehicle is circling earth in a circular orbit with a radius of 10300 km. its orbit is to be changed to

Gomez service company paid its first installment on a note : gomez service company paid its first installment on a note payable for an amount of 2000. how will this transaction

Question an aqueous solution containing barium iodide bai2 : question an aqueous solution containing barium iodide bai2 is electrolyzed in a cell containing inert electrodes. the

Comet company began operations in 2010 and adopted the fifo : comet company began operations in 2010 and adopted the fifo method of inventory pricing. during 2012 comet company

User Account

All Pages