View the step-by-step solution to:

Big Wave Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that...

(10-4). Please see the attached Word Doc. I will also be sending an Excel Doc that the information needs to be put into. THANKS !
Big Wave Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for July: Materials July 1 Balance 30,000 31 Purchase 120,000 31 Requisitions (A) Work in Process July 1 Balance (B) 31 Materials (C) 31 Direct labor (D) 31 Factory overhead applied (E) 31 Completed jobs (F) Finished Goods July 1 Balance 0 31 Completed jobs (F) 31 Cost of goods sold (G) Wages Payable July 31 Wages incurred 120,000 Factory Overhead July 1 Balance 22,000 31 Indirect labor (H) 31 Indirect materials 16,000 31 Other overhead 95,000 31 Factory overhead applied (E) In addition, the following information is available: a. Materials and direct labor were applied to six jobs in July: Job No. Style Quantity Direct Materials Direct Labor No. 21 X-10 200 $ 20,000 $ 15,000 No. 22 X-20 400 34,000 26,000 No. 23 X-50 200 14,000 8,000 No. 24 T-20 250 30,000 25,000 No. 25 X-40 180 22,000 17,500 No. 26 T-10 140 8,000 4,500 Total 1,370 $128,000 $ 96,000 b. Factory overhead is applied to each job at a rate of 160% of direct labor cost. c. The July 1 Work in Process balance consisted of two jobs, as follows: Job No. Style Work in Process, July 1 Job 21 X-10 $ 6,000 Job 22 X-20 16,000 Total $22,000 d. Customer jobs completed and units sold in July were as follows: Job No. Style Completed in July Units Sold in July No. 21 X-10 X 160 No. 22 X-20 X 320 No. 23 X-50 0 No. 24 T-20 X 210 No. 25 X-40 X 150 No. 26 T-10 0 Instructions 1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:
Background image of page 1
July 1 Cost of Job No. Quantity Work in Direct Direct Factory Total Unit Units Goods Process Materials Labor Overhead Cost Cost Sold 2. Determine the July 31 balances for each of the inventory accounts and factory overhead.
Background image of page 2
Sign up to view the entire interaction

Top Answer

Dear Student Please find... View the full answer

Finance - 8219443.xls

Problem 10-4
Name:
Section:
Score: 98% *Since some answer boxes are correct when left blank, the beginning score is greater than 0%. Instructions
Answers are entered in the cells with gray...

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online