help, Cost Accounting

) Ialani Corp. uses a job order costing system for the yachts it constructs. On September 1, 2010, the company had the following account balance:
Raw material inventory 332400
Work in process inventory 1512600
Cost of goods sold 4864000

On September 1, the three jobs in Work in process inventory has the following balance:
Job# 75 586400
Job# 78 266600
Job# 82 659600

The following transitions occurred in September:
Sept. 1 purchased 1940000 of raw material on account
Sept. 4 issued 1900000 of raw material as follows: job 75, 289600; job 78, 252600; job 82, 992200; job 86, 312400; and indirect material 53200
Sept. 15 Prepared and paid the 757000 factory payroll for September 1-15. Analysis of this payroll showed the following information:
Job 75 9660 hours 84600
Job 78 26320 hours 267200
Job 82 20300 hours 203000
Job 86 10280 hours 110800
Indirect labor hours 91400
Sept. 15 On each payroll date, Ialani Corp. applies manufacturing overhead to jobs at a rate of 12.50 per direct hour
Sept. 15 Job 75 was completed, accepted by the customer, and billed at a selling price of cost plus 30 percent. Selling prices are rounded to the nearest whole dollar.
Sept. 20 Paid the following monthly factory bills: utilities 39600;rent 70600 and accounts payable (accrued in August) 196800
Sept. 24 Purchased raw material on account, 624000
Sept. 25 Issued 772200 of raw material as follows: job 78, 154800; lob 82, 212600; job 86, 349000; and indirect material, 55800
Sept. 30 Recorded additional factory overhead costs as follows: depreciation, 809000; expired prepaid insurance, 165400; and accrued taxes and licenses 232400
Sept. 30 Recorded and paid the factory payroll for September 16-30 of 714400. Analysis of the payroll follows:
Job 78 8940 hours 177400
Job 82 13650 hours 228400
Job 86 9980 hours 243600
Indirect labor wages 65000
Sept. 30 Applied overhead for the second half of the month to jobs
a) Journalize the September transactions
b) Use T-accounts to post the information from the journal entries in (a) to the job cost subsidiary accounts and to general leger accounts
c) Reconcile the September 30 balances in the subsidiary ledger with the Work in Process Inventory account in the general ledger
d) Determine the amount of under-applied or over applied-overhead for September
Posted Date: 8/25/2012 11:26:44 PM | Location : United States







Related Discussions:- help, Assignment Help, Ask Question on help, Get Answer, Expert's Help, help Discussions

Write discussion on help
Your posts are moderated
Related Questions
An analysis of the fluctuations of current assets and current liabilities that is working capital describes that how the working capital has decreased or increased. We want to iden

Determine the Absorption Rate of Overheads The budgeted production overheads and other budgeted data of compute are given as: Budget Overhead cost for the period = Ks

What do you mean by differential costing ? How it differ from marginal costing ? explain its practical application with examples?

Encik Farid, a sole trader, started his business on 1 May 2010 under the name Farid Enterprise. The following are his business transactions for the month of May a. Encik Farid b

Q. 1. The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $1,300 During the year 201

Q. What is the idyllic minimum or maximum population required to use fca? Ans. FCA is not depending on size. It is merely a common-sense approach to overseeing money and k

The total demand (marginal benefit) curve for visiting Yosemite is as follows: Price = 5000-10*NumberOfTrips -10*TonsOfVisibleTrash.     a. Suppose the quantity of trash=100 ton

Determine why  JIT, TQM and AMTs may not always be entirely compatible with  the practice of standard costing.

compare tradition costing and activity costing methods of overheads abpsrption based on production units,labour hourd and machine hours

Changes in Variable Cost and Selling Price per Unit The contribution sales ratio is affected by any change in variable cost or selling price per unit. This ratio is a mea