90.2K

Verified Solution

Link Copied!

General Journal Date Description Debit Credit 1-Dec raw materials $ 20,000 account payable $ 20,000 5-Dec work in process ( job 1) $ 4,600 raw materlials $ 4,600 10-Dec work in progress ( job 1) $ 180 salaries and wages payable $ 180 10-Dec manufactoring overhead $ 3,000 salaries and wages payable $ 3,000 salaries and wages ex $ 2,000 salaries and wages payable $ 2,000 15-Dec work in progress ( job 2) $ 5,000 raw marerials $ 5,000 16-Dec manufactoring overhead $ 500 accout payable $ 500 17-Dec advertising expense $ 1,400 account payable $ 1,400 20-Dec manufactoring overhead $ 150 depreciation ex $ 600 accumlated deprecation $ 750 22-Des work in progress ( job 1) $ 1,800 manufactoring overhead $ 1,800 26-Dec finished goods $ 6,580 work in progress ( job 1) $ 6,580 28-Dec account recievable $ 25,000 sales revenue $ 25,000 28-Dec costs of goods sold $ 6,580 finish goods $ 6,580 31-Dec work in progress ( job 2) $ 90 salary and wages payable $ 90 31-Dec work in progress ( job 2) $ 900 manufactoring overhead $ 900 31-Dec costs of goods sold $ 950 manufactoring overhead $ 950 Check Figure: Cost of Goods Manufactured= $6,580, Net operating income=$13,470 Work in Process 1 = Job#1 Work in Process 2 = Job #2 What is the ending balance for raw materials? What is the ending balance for work in process? What is the ending balance for finished goods? What is the actual manufacturing overhead cost incurred during December before adjustment? What is the total applied manufacturing overhead cost during December before adjustment? What is the unadjusted cost of goods sold? Was the manufacturing overhead for the month of December overapplied/underapplied ? What is the amount of Manufacturing overhead overapplied/underapplied? What is the adjusted cost of goods sold? What is gross margin? What is the total prime cost for Job#1? What is the total conversion cost for job #1? What is the total product cost for job#1? What was the period cost incurred for the month of December? What is the total variable cost incurred for Job #1(assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)? What is the contribution margin for Job #1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)? What would be the actual (not applied) total fixed manufacturing overhead cost incurred for the company for the month if the order in Job #1 is for five tables instead of one table assuming this cost is with in the relevant range?

Answer & Explanation Solved by verified expert

See Answer