FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 Materials
Direct Labor
FOH Applied
Rp 50.000
Rp 100.000
Rp 50.000
b. Purchase raw materials Rp 2.000.000. Rp 1.000.000 was paid in cash while the rest will be
paid next month
c. Usage on materials and labor during April shows the following:
Job #L-001
Job #K-004
Job #F-005
Unassigned
Materials Used Rp 150.000
Rp 175.000
Rp 116.000
Rp 289.000
Labor Used
Rp 195.000
Rp 273.000
Rp 117.000
Rp 445.000
d. Depreciation expenses during April were Rp 300.000 for the factory building, Rp 200.000
for factory machines, and Rp 400.000 for the office building
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Transcribed Image Text:a. Balance of WIP Inventory at April 1st for Job #K-004 is: Direct Materials Direct Labor FOH Applied Rp 50.000 Rp 100.000 Rp 50.000 b. Purchase raw materials Rp 2.000.000. Rp 1.000.000 was paid in cash while the rest will be paid next month c. Usage on materials and labor during April shows the following: Job #L-001 Job #K-004 Job #F-005 Unassigned Materials Used Rp 150.000 Rp 175.000 Rp 116.000 Rp 289.000 Labor Used Rp 195.000 Rp 273.000 Rp 117.000 Rp 445.000 d. Depreciation expenses during April were Rp 300.000 for the factory building, Rp 200.000 for 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 April
are Job #L-001 and Job #K-004
g. Sold the product of Job #L-001 to the customer with a sales price of Rp 1.500.000
Required:
1. Based on the information provided, prepare the necessary journal for Hargreeves Inc.
2. Determine ending balance of Raw Materials inventory, WIP Inventory, Finished Good
Inventory, and COGS
3. Prepare journal entries to write off the over/under allocated manufacturing overhead to the
COGS account
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Transcribed Image Text: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 April are Job #L-001 and Job #K-004 g. Sold the product of Job #L-001 to the customer with a sales price of Rp 1.500.000 Required: 1. Based on the information provided, prepare the necessary journal for Hargreeves Inc. 2. Determine ending balance of Raw Materials inventory, WIP Inventory, Finished Good Inventory, and COGS 3. Prepare journal entries to write off the over/under allocated manufacturing overhead to the COGS account
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