Please dothe question at the top please prepare the cost of goods manufactured
It doesnt say which is really annoying there are other questions but also doesnt say what you need i dont know what to do 3. Prepare a cost of goods manufactured statement for May. The following information reflects Wallace Company's job order production activities for May. $16,000 15, 400 Raw materials purchase Factory payroll cost Overhead costs incurred Indirect materials Indirect labour Other factory overhead 5,000 3, 500 9,500 Wallace's predetermined overhead rate is 150% of direct labour cost. Costs allocated to the three jobs worked during May as follows: Job 401 Job 402 Job 403 In-process balances on April 30 Direct materials $3,600 Direct labour 1,700 Applied overhead 2, 250 Costs during May Direct materials 3,550 $3,500 $1,400 Direct labour 5, 100 6,000 800 Applied overhead ? ? ? Job 401 Job 402 Job 403 In-process balances on April 30 Direct materials $3,600 Direct labour $1,700 Applied overhead $2,250 Costs during May Direct materials Direct materials $3,550 $3,500 $1,400 Direct labour $5,100 $6,000 $800 Applied overhead 7650 9000 1200 Total $23,850 S18,500 $3,400 Applied-150% of direct labor cost Applied Overhead During May: Job 401 (150%*5100) 7650 Job 402 (150%*6000) 9000 Job 403 (150%*800) 1200 April 30 inventory of job in process $7,550 (3600+1700+2250) Materials used during May $8,450 (3550-3500+1400) Labor used during May $11,900 (5100+6000+800) Factory Overhead Incurred: Indirect Materials $5,000 Indirect Labor $3,500 Other Factory Overhead $9,500 Total Factory Overhead Incurred $18,000 Factory Overhead appled $17,850 (150%*11900) Factory Overhead appled $17,850 (150%*11900) Underapplied Overhead $150 (18000-17850) Total cost as on May 31-Job 401 $23,850 Total cost as on May 31-Job 402 $18,500 Total cost as on May 31-Job 403 $3,400 Note: Information regarding Finished Goods and Goods sold are not given JOURNAL ENTRIES Account Title Debit Credit Raw materials purchased on Credit: Raw materials inventory Accounts Payable $16.000 $16.000 Factory Payroll paid with cash: Factory Payroll Cash S15.400 $15,400 Indirect labor: Factory Overhead Factory Payroll $3,500 Indirect Materials: Factory overhead-Indirect Materials Cash $5,000 $5,000 Other Factory Overhead: Factory Overhead Cash T $9,500 S8. 450 Work in process Direct materials Raw materials inventory $8,450 $11.900 Work in process Direct Labor Factory Payroll S11 900 S17.850 Work in Process-applied overhead Manufacturing Overhead $17.850 1. Determine the total cost of: a. The April 30 inventory of jobs in process. b. Materials used during May. c. Labour used during May. d. Factory overhead incurred and applied during May and the amount of any over-or- underapplied overhead on May 31. 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. 2. Prepare summarized journal entries for the month to record: a. Materials purchases (on credit) the factory payroll (paid with cash), indirect materials, indirect labour, and the other factory overhead (paid with cash. b. Assignment of direct materials, direct labour, and overhead costs to the Goods in Process Inventory account. (use separate debit entries for each job.) Problem solving assignment Page 1 of 12 c. Transfer of each completed job to the Finished Goods Inventory account. d. Cost of goods sold. Removal of any underapplied or overapplied overhead from the factory overhead account. (Assume the amount is not material.) 3. Prepare a cost of goods manufactured statement for May.
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