116 chapter 17Learning Objectives 2, 3, 4, 54. COGM $46,7505. NI $19,150P17-38B Preparing comprehensive accounting for manufacturing transactionsTeacher Stars produces stars for elementary teachers to reward their students. TeacherStars' trial balance on June 1 follows:Account TitleCashAccounts ReceivableInventories:Raw MaterialsWork-in-ProcessFinished GoodsPlant AssetsTEACHER STARSTrial BalanceJune 1, 2016Accumulated DepreciationAccounts PayableWages PayableCommon StockRetained EarningsSales RevenueCost of Goods SoldManufacturing OverheadSelling and Administrative ExpensesBalanceJune transactions are summarized as follows:a. Collections on account, $153,000.Debit$ 14,000150,0005,60042.50020,700240,000Job 120: Paper, $ 800Job 121: Paper, $7,900Indirect materials, $1,600June 1 balances in the subsidiary ledgers were as follows:• Raw Materials Inventory subsidiary ledger: Paper, $4,300; indirect materials, $1,300• Work-in-Process Inventory subsidiary ledger: Job 120, $42,500; Job 12, $0• Finished Goods Inventory subsidiary ledger: Large Stars, $9,700; Small Stars,$11,000Credit$ 76,000130,0001.800b. Selling and administrative expenses incurred and paid, $32,000.c. Payments on account, $42,000.d. Materials purchased on account: Paper, $24,500; indirect materials, $4,300.e. Materials requisitioned and used in production:f. Wages incurred during June, $38,000. Labor time records for the month: Job 120,$3,700; Job 121, $18,300; indirect labor, $16,000.g. Wages paid in June include the balance in the Wages Payable at May 31 plus$34.900 of wages incurred during June.135,000130,000Requirements1. Journalize the transactions for the company.2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger,the Work-in-Process subsidiary ledger, and the Finished Goods Inventory subsid-iary ledger have been opened for your account's balance as given. Post the journalentries to the T-accounts using the transaction letter.3. Prepare a trial balance at June 30, 2016.h. Depreciation on plant and equipment, $2,800.i. Manufacturing overhead allocated at the predetermined overhead allocation rate of90% of direct labor cost.4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost ofgoods manufactured for the month of June.5. Prepare an income statement for the month of June.j. Jobs completed during the month: Job 120 with 800,000 Large Stars at a total costof $50,330.k. Sales on account: all of Job 120 for $111,000.1. Adjusted for overallocated or underallocated manufacturing overhead.

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k. Sales on account: all of Job 120 for $111,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. Requirements 1. Journalize the transactions for the company. 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process subsidiary ledger, and the Finished Goods Inventory subsid- iary ledger have been opened for your account's balance as given. Post the journal entries to the T-accounts using the transaction letter. 3. Prepare a trial balance at June 30, 2016. 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June.

k. Sales on account: all of Job 120 for $111,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. Requirements 1. Journalize the transactions for the company. 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process subsidiary ledger, and the Finished Goods Inventory subsid- iary ledger have been opened for your account's balance as given. Post the journal entries to the T-accounts using the transaction letter. 3. Prepare a trial balance at June 30, 2016. 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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