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Dupont Fishing Equipment Company manufactures fishing rods in a wide variety of lengths and weights. The following incomplete ledger accounts refer to transactions that are summarized for November:
Materials
Nov. 1
Balance 10,000
Nov. 30
Requisitions
(A)
31
Purchases 120,000
Work in Process
Balance
(B)
Completed jobs
(F)
30
(C)
Direct labor
(D)
Factory overhead applied
(E)
Finished Goods
0
Cost of goods sold
(G)
Wages Payable
Wages incurred
130,000
Factory Overhead
2,500
Indirect labor
(H)
Indirect materials
3,000
Other overhead
60,000
In addition, the following information is available:
a. Materials and direct labor were applied to six jobs in November:
Direct
Job No.
Style
Quantity
Labor
No. 111
DL-8
70
$ 15,000
$ 12,000
No. 112
DL-18
100
23,000
18,000
No. 113
DL-11
120
27,500
25,000
No. 114
SL-101
11,000
12,500
No. 115
SL-110
175
28,000
No. 116
DL-14
80
15,000
14,500
Total
645
$119,500
$109,500
b. Factory overhead is applied to each job at a rate of 75% of direct labor cost.
c. The November 1 Work in Process balance consisted of two jobs, as follows:
Work in Process,
November 1
Job 111
$20,000
Job 112
30,000
$50,000
d. Customer jobs completed and units sold in November were as follows:
Completed
Units Sold in
in November
November
X
60
Job 113
Job 114
Job 115
150
Job 116
Instructions
1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:
Cost of
Job
Work in
Factory
Unit
Units
Goods
No.
Process
Overhead
Cost
Sold
2. Determine the November 30 balances for each of the inventory accounts and factory overhead.
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