Class Acct 321:anX Gen Yv. Gen Z- Google Docs Ch 3 Hand-In Problem https//newcon
ID: 2336710 • Letter: C
Question
Class Acct 321:anX Gen Yv. Gen Z- Google Docs Ch 3 Hand-In Problem https//newconnect.mheducation.com/flow/connect.html Minot State Univers Pare Federal Cred Prairie Federal Cred ) Investors Managem. MSU. Current Stude D CampusConnection , Mal, brockgreenC n3 Hand-in Problem 2 Ditlon Products manufactures various machined parts to customer specitications. The company uses a job order costing system and opplies overhead cost so yobs on the basis of machine-hours. At the beginning of the yeet the company used a cost formula to estimace that it would incur $4,275,000 in manufecturing overhead cost at an activity levet of 570,000 machine-hours The company spent the entre month of January working on a large order for 13.000 custom-made machined parts. The company had no work in process at the beginning of January Cost data relaing to January follow a Raw materials punchssed on account $319.000 b. Row menenas used in producton S265.000 (80% drect materials end 20% indrect matenalsa eences cLabor cost accrued in the factory. S165.000n-shind drect labor and two-thirds indirect labon d Depreciason recceded on factory equipment $63.500 e Other manufacturing overhesd cosss incurred on account $84100 t Mendcu ng over ead cost as app ed to product on on e bass o, 40 40 macrnt hours actuany wooed aun the month g The compieced yob for 13,000 custom-made machined pats was moved into the finished goods warenouse on Januany 31 to aw deavery to the customer. (in compusing the doller amouns for this entry, remember shat the cost of a compiered job consists of direc materials. direct lscor and apoled overhesd Required Prepare journal enories to recoro ems ahough it) soove Ignore tem ig for the moment 2 Prepare T-sccounts for Manufactuning Overhesd and Work In Process Post the relevant nems trom your jourmal enpes to ese T accounn 3 Prepare a joura emry for amg ave n co of goods sold for Feorury Complete the qwestion by entering your answers in the tabs belew, Net >Explanation / Answer
Transaction General Journal Debit Credit a. Raw materials inventory 319,000 Accounts payable 319,000 b. Work in process inventory 212000 Manufacturing overhead 53000 Raw materials inventory 265,000 c. Work in process inventory 55,000 Manufacturing overhead 110,000 Factory wages payable 165,000 d. manufacturing overhead 63,500 Accumulated depreciation 63,500 e. Manufacturing overhead 84,100 Accounts paybale 84,100 f. work in process inventory 304050 manufacturing overhead 304,050 (4,275,000/570,000)*40,540 2) Manufacturing overhead b. 53000 304050 f. c. 110,000 d. 63,500 e. 84,100 end bal 6,550 work in process b. 212000 c. 55,000 f. 304050 end bal 571050 3) g. finished goods inventory 571050 Work in process inventory 571050 4) cost of goods sold unit cost 571,050/13000- 43.93 hence cost of goods sold (34.93*10400)= 456840