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Problem 19-2A (Pr19-2A) Godwin Fixtures Co. uses a job order cost system

Problem 19-2A (Pr19-2A) Godwin Fixtures Co. uses a job order cost system
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Solution Guide / Answer Key:

ACCOUNTING

Problem 19-2A (Pr19-2A) Godwin Fixtures Co. uses a job order cost system. The following data summarize the operations related to production for April 2008, the first mouth of operations:
a.) Materials purchased on account, $137,000.
b.) Materials requisitioned and factory labor used:
Job Materials Factory
No.601 $ 18,100 $17,000
No.602 20,000 25,500
No.603 13,050 9,700
No.604 34,500 33,550
No.605 15,700 14,800
No.606 17,800 18,300
For general factory use 6,600 47,000
c.) Factory overhead cost incurred on account, $4,950.
b.) Depreciation of machinery and equipment, $3,700.
c.) The factory overhead rate is $53 per machine hour. Machine hours used:
Job Machine Hours
No.601 215
No.602 230
No.603 175
No,604 300
N0.605 198
No.606 225
TOTAL 1,343
f.) Jobs completed: 601,602,603and 605.
g.) Jobs were shipped and customers were billed as fallows: Job 601,$72,750;Job 602,$88,780;Job 605,$74,500.

Instructions:
1.) Journalize the entries to record the summarized operations.
2.) Post the appropriate entries to t accounts for work in process and finished goods, using the identifying letters as dates. Insert memorandum account balances as of the end of the month.
3.) Prepare a schedule of unfinished jobs to support the balance in work in process account.
4.) Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.

 

FILE: MS WORD

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