Labor Time Sheets Job Cost Record Subsidiary Ledger Work in Process Inventory

Labor time sheets job cost record subsidiary ledger

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Labor Time Sheets, Job Cost Record Subsidiary Ledger: Work-in-Process Inventory Records by Jobs vi. Finished Goods Control b 400,900 Work in Process Control 400,900 Source Document: Job Cost Record, Completed Job Cost Record Subsidiary Ledger: Work-in-Process Inventory Records by Jobs, Finished Goods Inventory Records by Jobs 4-11
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vii. Cost of Goods Sold c 441,900 Finished Goods Control 441,900 Source Document: Sales Invoice, Completed Job Cost Record Subsidiary Ledger: Finished Goods Inventory Records by Jobs viii. Manufacturing Overhead Allocated 215,800 Manufacturing Overhead Control ($54,000 + $148,900) 202,900 Cost of Goods Sold 12,900 Source Document: Prior Journal Entries ix. Administrative Expenses 7,900 Marketing Expenses 127,000 Salaries Payable Control 33,000 Accounts Payable Control 94,000 Accumulated Depreciation, Office Equipment 7,900 Source Document: Depreciation Schedule, Marketing Payroll Request, Invoice for Advertising, Sales Commission Schedule. Subsidiary Ledger: Employee Salary Records, Administration Cost Records, Marketing Cost Records. a Materials used = Beginning direct materials inventory + Purchases – Ending direct materials inventory = $9,800 + $122,000 $13,000 = $118,800 b Cost of goods manufactured = Beginning WIP inventory + Manufacturing cost Ending WIP inventory = $6,300 + ($118,800 + $83,000 + $215,800) $23,000 = $400,900 c Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured Ending finished goods inventory = $68,000 + $400,900 $27,000 = $441,900 4-12
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2. T-accounts Direct Materials Control Bal. 1/1/2011 (1) Accounts Payable Control (Purchases) 9,800 122,000 (2) Work-in-Process Control (Materials used) 118,800 Bal. 12/31/2011 13,000 Work-in-Process Control Bal. 1/1/2011 (2) Materials Control (Direct materials used) (3) Wages Payable Control (Direct manuf. labor) (5) Manuf. Overhead Allocated 6,300 118,800 83,000 215,800 (6) Finished Goods Control (Cost of goods manufactured) 400,900 Bal. 12/31/2011 23,000 Finished Goods Control Bal. 1/1/2011 (6) WIP Control (Cost of goods manuf.) 68,000 400,900 (7) Cost of Goods Sold 441,900 Bal. 12/31/2011 27,000 Cost of Goods Sold (7) Finished Goods Control (Goods sold) 441,900 (8) Manufacturing Overhead Allocated (Adjust for overallocation) 12,900 Manufacturing Overhead Control (3) Wages Payable Control (Indirect manuf. labor) (4) Salaries Payable Control (Maintenance) (4) Accounts Payable Control (Miscellaneous) (4) Accum. Deprn. Control (Depreciation) (4) Rent Payable Control (Rent) 54,000 29,000 9,900 32,000 78,000 (8) To close 202,900 Bal. 0 Manufacturing Overhead Allocated (8) To close 215,800 (5) Work-in-Process Control (Manuf. overhead allocated) 215,800 Bal. 0 4-13
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4-26 (45 min.) Job costing, journal entries. Some instructors may wish to assign Problem 4-25. It demonstrates the relationships of journal entries, general ledger, subsidiary ledgers, and source documents. 1. An overview of the product-costing system is 2. Amounts in millions. (1) Materials Control Accounts Payable Control 154 154 (2) Work-in-Process Control Materials Control 152 152 (3) Manufacturing Department Overhead Control Materials Control 19 19 (4) Work-in-Process Control Wages Payable Control 96 96 (5) Manufacturing Department Overhead Control Wages Payable Control 34 34 (6) Manufacturing Department Overhead Control Accumulated Depreciation 28 28 (7) Manufacturing Department Overhead Control Various liabilities 13 13 (8) Work-in-Process Control
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