Question

h e had LALL 1. The following system to account for t h e The company applies tha t estimated current year the Required Review the fut ur e January. Not all vet e rary (1) Work-in-process cont balances at the beginning of them Val de Marrial Labor Orhead W12 S800 51.400 Yee calculate X13 $1,000 $1,720 You calculate (2.) Other selected beginning account balances on Jun e Materials Finished Goods Cost of Goods Sold 0. 0. (3.) Materials purchased during January, 510,905 (4.) Material requisitions and labor time tickets for the month of January indicated the following Job No. Material Reguisitions W12 X13 Y14 215 INDIRECT $ 610 3 70 2.780 4.050 390 Labor Time Charge $ 760 1,420 3.100 1.080 540 (5.) Other miscellaneous overhead actually incurred during January amounted to $13,500. (6.) Bixby applies overhead to jobs in Work-in-Process cach time direct labor is incurred on a job. (7.) Jobs COMPLETED during January: W12, X13, ZIS (8.) Jobs SOLD during January: Z15 for $12,000. (9.) OVERHEAD - Do this the same way we have done it in class. The difference between the end of January account balances of Overhead Actual and Overhead Applied is closed proportionally to WIP, FG, and CGS; based on the amount of overhead that was applied in January to each job and in which account these jobs are accounted for at the end of the month. This Item (9) will count as a separate problem worth 100 points. Prepare your journal entries for January in good form using the accounting paper provided. The possible points that can be earned for each needed journal entry will be based on their difficulty. Any un-needed journal entries that you make, will earn negative points.

Answer 1

Question 1 : Very hard to read, very small letters. So, solving the second question:

Question 2)   Production report of Assembling department:
	Physi unit	Transferred in	D. Material	Conversion costs	Total costs
Units to account for:
Op. WIP	8600
Transferred in	102000
Units to account for:	110600
Equivalent units and costing:
Op WIP	8600	0	5160	4730
Started & completed	84000	84000	84000	84000
Transferred out to FG	92600
Cl WIP	18000	18000	14400	7200
Equivalent units		102000	103560	95930
Cost incurred		2142000	939600	225000	3306600
cost per Eq unit		21.00	9.07	2.35
cost of transferred out:
Op WIP		136000	196800	73000	405800
add:incurred during month			46817	11094
total cost of Op WIP		136000	243617	84094	463711
Cost of started & compl. Units		1764000	762132	197019	2723151
cost of transferred out to FG					3186861
Cost of Closing WIP		378000	130651	16888	525539