Rodman Corporation's fiscal year ends on November
30. The following accounts are found in its job order cost accounting system
for the first month of the fiscal year.
P2-5A
Rodman Corporation's fiscal year ends on November 30. The following accounts
are found in its job order cost accounting system for the first month of the
fiscal year.
Raw Materials Inventory
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12/01/14
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BB
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12/31/14
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Requisitions
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12/31/14
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Purchases
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12/31/14
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EB
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Work in Process Inventory
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12/01/14
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BB
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12/31/14
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Jobs completed
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12/31/14
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DM
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12/31/14
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DL
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12/31/14
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Overhead
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12/31/14
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EB
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Finished Goods Inventory
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12/01/14
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BB
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12/31/14
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COGS
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12/31/14
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Completed jobs
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12/31/14
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EB
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Factory Labor
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12/31/14
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Factory wages
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12/31/14
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Wages assigned
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Manufacturing Overhead
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12/31/14
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Ind matls
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12/31/14
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Ovrhd applied
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12/31/14
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Ind labor
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12/31/14
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Oth overhead
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1. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $9,750 and direct labor costs of $15,000 Overhead was applied at a rate that was 75% of direct labor costs.
2.
During December, Job No. 156, 157, and 158 were started. On December 31, Job
No. 158 was unfinished. This job had charges for direct materials $3,800 and
direct labor $4,800 plus manufacturing overhead. All jobs, except Job No. 158,
were completed in December.
3. On
December 1, Job No. 153 was in the finished goods warehouse. It had a total
cost of $5,000 On December 31, Job No. 157 was the only job finished that was
not sold. It had a cost of $4,000 4. Manufacturing overhead was $230 overapplied
in December.
Instructions
List the letters (a) through (m) and indicate the
amount pertaining to each letter.
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(a)
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(b)
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(c)
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(d)
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(e)
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(f)
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(g)
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(h)
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(i)
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(j)
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(k)
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(l)
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(m)
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