Wildhorse Corporations fiscal year ends on June 30. The following accounts are found in its...
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Accounting
Wildhorse Corporations fiscal year ends on June 30. The following accounts are found in its job-order cost accounting system for the first month of the new fiscal year:
Raw Materials Inventory
July 1
Beginning balance
15,100
July 31
Requisitions
(a)
31
Purchases
90,600
July 31
Ending balance
(b)
Work in Process Inventory
July 1
Beginning balance
(c)
July 31
Jobs completed
(f)
31
Direct materials
74,500
31
Direct labour
(d)
31
Overhead
(e)
July 31
Ending balance
(g)
Finished Goods Inventory
July 1
Beginning balance
(h)
July 31
Cost of goods sold
(j)
31
Jobs completed
(i)
July 31
Ending balance
(k)
Factory Labour
July 31
Factory wages
(l)
July 31
Wages assigned
(m)
Manufacturing Overhead
July 31
Indirect materials
8,900
July 31
Overhead applied
114,700
31
Indirect labour
15,900
31
Other overhead
(n)
Other data:
1.
On July 1, two jobs were in process: Job No. 4085 and Job No. 4086, with costs of $19,000 and $13,200, respectively.
2.
During July, Jobs 4087, 4088, and 4089 were started. On July 31, only Job No. 4089 was unfinished. This job had charges for direct materials of $2,070 and direct labour of $1,600, plus manufacturing overhead. Manufacturing overhead was applied at the rate of 125% of direct labour cost.
3.
On July 1, Job No. 4084, costing $145,300, was in the finished goods warehouse. On July 31, Job No. 4088, costing $139,500, was in finished goods.
4.
Overhead was $3,500 under-applied in July.
Indicate the amount pertaining to each letter.
(a)
$enter a dollar amount
(b)
$enter a dollar amount
(c)
$enter a dollar amount
(d)
$enter a dollar amount
(e)
$enter a dollar amount
(f)
$enter a dollar amount
(g)
$enter a dollar amount
(h)
$enter a dollar amount
(i)
$enter a dollar amount
(j)
$enter a dollar amount
(k)
$enter a dollar amount
(l)
$enter a dollar amount
(m)
$enter a dollar amount
(n)
$enter a dollar amount
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