from the job cost sheet.) 31-Dec: Direct labor cost incurred but not paid for three employees to start manufacturing Job #2. The employees only worked one hour each, three hours total, $25 per hour during the month and they did not complete their work on the job. (After you journalize this entry please enter the information into Job #2 Cost Sheet) 31-Dec: Manufacturing overhead cost was applied based on direct labor hours to Job #2 based on the POHR. Only three direct labor hours were worked on Job #2 during the month.
(After you journalize this entry please enter the information into Job #2 Cost Sheet)31-Dec: Any underapplied or overapplied overhead for the month was closedout to Cost of Goods Sold.Step 5: Post the journal entries that you recorded on the "General Journal" tab to the "T-accounts" tab. This is the company's first month of business, so there will not be any beginning balances. Compute the balance for each T-account after allof the entries have been posted.Step 6: Prepare a Schedule of Cost of Goods Manufactured anda Schedule of Cost of Goods Sold on the "Schedule of COGM and COGS" tab for Job #1 and Job #2that were worked on during the month by the company. Make sure to follow the format noted in your book (pg.
87). (Hint: This isthe company's first month of operations and therefore the beginning balances will be zero.)Step 7: Prepare anIncome Statementfor the month using the Traditional Format on the "Income Statement" tab.Step 8: Answer the additional questions below:Check Figure: Cost of Goods Manufactured= $9,550, Net operation income= $16,850What is the ending balance for raw materials?__________________What is the ending balance for the work in process? _________________What is the ending balance for finished goods? _________________What is the actualmanufacturing overhead cost incurred during December before
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- Spring '17
- Ellen Zitani
- Contribution Margin