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Chapter #20 Practice Problem 1) Universal Goalie Pad Manufacturer uses a job order...

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Accounting

Chapter #20 Practice Problem 1)

Universal Goalie Pad Manufacturer uses a job order cost system at its Ruthven plant.

The following data summarize the operations related to production for June 2030, the first month of operations:

a. - Materials purchased on account, $84,000.

b. - Materials requisitioned and factory labour used: Job Materials Factory Labour NHL-T $14,500 $16,200 NHL-M $16,550 $18,900 OHL-W $9,200 $10,600 OHL-S $11,400 $10,100 OHL-K $6,800 $4,400 OHL-E $12,300 $12,800 For General Factory Use $7,400 $10,950

c. - Factory overhead costs incurred on account, $46,800.

d. - Amortization of machinery and equipment, $36,000.

e. - The factory overhead rate is applied based on 135% of direct labour cost.

f. - Jobs completed: NHL-M, OHL-W, OHL-S, OHL-K, and OHL-E.

g. - Jobs were shipped and customers were billed as follows: NHL-M, $85,351; OHL-W, $47,754; OHL-S, $49,189; OHL-K, $23,996; OHL-E, $59,332.

Required:

1) Journalize the entries to record the summarized operations.

2) Prepare a schedule of unfinished jobs to support the balance in the WIP account.

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