Sandro Clean uses a job order cost accounting system. On October 1, the company has a...
Sandro Clean uses a job order cost accounting system. On October 1, the company has a balance in Work in Process Inventory of $4,200 and two jobs in process: Job No. R92, $1,600 and Job No. R93, $2,600. During October, a summary of source documents reveals the following:
| Job Number | Materials Requisitions Slips | Labor Time Ticket |
| Job No. R92 | $2,200 |
$7,1000 |
| Job No. R93 | 1,700 | 4,100 |
| Job No. R94 | 4,700 | 3,300 |
| Job No.R95 | 2,200 | $5,100 |
| General Use | 1,800 | 2,000 |
| Total | $12,600 | $21,600 |
Sandro applies manufacturing overhead to jobs at an overhead rate of 90% of direct labor cost. Job No. R92 was completed during the month.
Instructions
(a) Prepare summary journal entries to record the requisition slips, time tickets, the assignment of manufacturing overhead to jobs, and the completion of Job No. R92. Show computations.
(b) Answer the following questions.
1. What is the balance in Work in Process Inventory at October 31?
2. If Sandro incurred $13,000 of manufacturing overhead in addition to indirect labor and indirect materials, was overhead over- or underapplied in October and by how much?
Homework Answers
a) Journal entry
| No | General Journal | Debit | Credit |
| 1 | Work in process | 10800 | |
| Manufacturing overhead | 1800 | ||
| Raw material | 12600 | ||
| 2 | Work in process | 19600 | |
| Manufacturing overhead | 2000 | ||
| Wages payable | 21600 | ||
| 3 | Work in process (19600*90%) | 17640 | |
| Manufacturing overhead | 17640 | ||
| 4 | Finished goods | 17290 | |
| work in process | 17290 | ||
b1) Ending work in process = 8600+12500*1.9+2600 = 34950
b2) Applied overhead = 17640
Actual overhead = 13000+1800+2000 = 16800
Over applied overhead = 17640-16800 = 840
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