Question

Bell Company’s fi scal year ends on June 30. The following accounts are found in its job order cost accounting system for the fi rst month of the new fi scal year. Raw Materials Inventory July 1 Beginning balance 19,000 July 31 Requisitions (a) 31 Purchases 90,400 July 31 Ending balance (b) Work in Process Inventory July 1 Beginning balance (c) July 31 Jobs completed (f) 31 Direct materials 80,000 31 Direct labor (d) 31 Overhead (e) July 31 Ending balance (g) Finished Goods Inventory July 1 Beginning balance (h) July 31 Cost of goods sold (j) 31 Completed jobs (i) July 31 Ending balance (k)  Factory Labor July 31 Factory wages (l) July 31 Wages assigned (m) Manufacturing Overhead July 31 Indirect materials 8,900 July 31 Overhead applied 117,000 31 Indirect labor 16,000 31 Other overhead (n) Other data: 1. On July 1, two jobs were in process: Job No. 4085 and Job No. 4086, with costs of $19,000 and $8,200, respectively. 2. During July, Job Nos. 4087, 4088, and 4089 were started. On July 31, only Job No. 4089 was unfi nished. This job had charges for direct materials $2,000 and direct labor $1,500, plus manufacturing overhead. Manufacturing overhead was applied at the rate of 130% of direct labor cost. 3. On July 1, Job No. 4084, costing $145,000, was in the fi nished goods warehouse. On July 31, Job No. 4088, costing $138,000, was in fi nished goods. 4. Overhead was $3,000 underapplied in July. Instructions List the letters (a) through (n) and indicate the amount pertaining to each letter. Show computations.