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4 (Journal entries; cost accumulation) Stockman Co. began 2010 with three jobs in process: TYPE OF COST Job No.

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38. LO.4 (Journal entries; cost accumulation) Stockman Co. began 2010 with three
jobs in process:
TYPE OF COST
Job No. Direct Material Direct Labor Overhead Total
247 $ 77,200 $ 91,400 $ 36,560 $ 205,160
251 176,600 209,800 83,920 470,320
253 145,400 169,600 67,840 382,840
Totals $399,200 $470,800 $188,320 $1,058,320
During 2010, the following transactions occurred:
1. Th e fi rm purchased and paid for $542,000 of raw material.
2. Factory payroll records revealed the following:
• Indirect labor incurred was $54,000.
• Direct labor incurred was $602,800 and was associated with the jobs as
follows:
Job No. Direct Labor Cost
247 $ 17,400
251 8,800
253 21,000
254 136,600
255 145,000
256 94,600
257 179,400
3. Material requisition forms issued during the year revealed the following:
• Indirect material issued totaled $76,000.
• Direct material issued totaled $466,400 and was associated with jobs as follows:
Job No. Direct Material Cost
247 $ 12,400
251 6,200
253 16,800
254 105,200
255 119,800
256 72,800
257 133,200
4. Overhead is applied to jobs on the basis of direct labor cost. Management budgeted
overhead of $240,000 and total direct labor cost of $600,000 for 2010. Actual total
factory overhead costs (including indirect labor and indirect material) for the year
totaled $244,400.
5. Jobs #247 through #255 were completed and delivered to customers, who paid for
the goods in cash. Th e revenue on these jobs was $2,264,774.
a. Journalize all preceding events.
b. Determine the ending balances for the jobs still in process.
c. Determine the cost of jobs sold, adjusted for underapplied or overapplied
overhead.
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38. LO.4 (Journal entries; cost accumulation) Stockman Co. began 2010 with three
jobs in process:
TYPE OF COST
Job No. Direct Material Direct Labor Overhead Total
247 $ 77,200 $ 91,400 $ 36,560 $...

This question was asked on Jan 15, 2013 and answered on Jan 15, 2013.

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