the cost cycle - double entry system, Cost Accounting

the cost cycle - double entry system, Cost Accounting

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entries to be entered into a ledger account for the month of July 2009 & prepare an incoem statement.

balances at 1/7/2009
Materials control $6150
Labour control (accrued wages) $2500
Factory overhead control (credit balance) $2000
Work in process $16000
Finished goods $60000

Transactions for July 2009

Purchases of materials
- on credit (inc GST $5000) - $55000
- on cash (inc GST $400) - $4400
Materials issueed
Direct materials - $46500
Indirect materials - $6000
Surplus material returned to store:
Direct materials - $1000
Indirect materials _ $150
Factory payroll paid $117750
Labour costs incurred:
Direct labour - $112500
Indirect Labour - $8500
Overhead costs paid (inc GST $7650) - $84150
Cost of completed production $245000
Credit sales (inc GST $45000) $495000
Costs og goods sold $262500

Additional information
Factory overhad is applied on the basis of 200% of the cost of direct materials used (net of returns)

factory overhead under or over applied is transferred to cost of goods sold at the end of each month

A physical stocktake at 31/07/09 revealed that the value of material on hand is $8500

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