YOUTH.inc. provides custom-made umbrellas for its client. The company accumulates its production cost using a job-order costing system. On April 1, 2019, the raw materials account shows a balance of Rp 50.000. The following transactions in Hargreeves Inc. during April 2019:a. Balance of WIP Inventory at April 1st for Job #K-004 is:...... a. Balance of WIP Inventory at April 1st for Job #K-004 is:Direct MaterialsDirect LaborFOH AppliedRp 50.000Rp 100.000Rp 50.000b. Purchase raw materials Rp 2.000.000. Rp 1.000.000 was paid in cash while the rest will bepaid next monthc. Usage on materials and labor during April shows the following:Job #L-001Job #K-004Job #F-005UnassignedMaterials Used Rp 150.000Rp 175.000Rp 116.000Rp 289.000Labor UsedRp 195.000Rp 273.000Rp 117.000Rp 445.000d. Depreciation expenses during April were Rp 300.000 for the factory building, Rp 200.000for factory machines, and Rp 400.000 for the office building e. Allocation of manufacturing overhead to each job by 180% of Direct Labor Hour.f. Jobs completed are going to be transferred to the warehouse. Jobs completed during Aprilare Job #L-001 and Job #K-004g. Sold the product of Job #L-001 to the customer with a sales price of Rp 1.500.000Required:1. Based on the information provided, prepare the necessary journal for Hargreeves Inc.2. Determine ending balance of Raw Materials inventory, WIP Inventory, Finished GoodInventory, and COGS3. Prepare journal entries to write off the over/under allocated manufacturing overhead to theCOGS account

Job costing: It is a method of costing where in all the costs like direct material, direct labor and…

YOUTH.inc. provides custom-made umbrellas for its client. The company accumulates its production cost using a job-order costing system. On April 1, 2019, the raw materials account shows a balance of Rp 50.000. The following transactions in Hargreeves Inc. during April 2019:a. Balance of WIP Inventory at April 1st for Job #K-004 is:......

YOUTH.inc. provides custom-made umbrellas for its client. The company accumulates its production cost using a job-order costing system. On April 1, 2019, the raw materials account shows a balance of Rp 50.000. The following transactions in Hargreeves Inc. during April 2019:a. Balance of WIP Inventory at April 1st for Job #K-004 is:......

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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Please prepare a Statement of Cost of Goods Manufactured
Anderson Enterprises uses a job costing system. Record the following transactions in Anderson Enterprises' generaljournal for the current month: g) Cost of finished goods sold, $112,000; selling price, $162,000 (all sales on account)
Please assist with question (g) as highlighted in red.
Answer i
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400 balance in the Raw Materials Inventory account. During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $141,520 and $183,280, respectively. The following additional events occurred during the month. 1. 2. 3. 4. Job No. 50 Purchased additional raw materials of $104,400 on account. Incurred factory labor costs of $81,200. Of this amount $18,560 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect…
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Subject - account Please help me. Thankyou.