Bell Company’s fiscal year ends on June 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year.
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Raw Materials Inventory |
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1-Jul |
Beginning balance |
19,000 |
31-Jul |
Requisitions |
(a) |
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31 |
Purchases |
90,400 |
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31-Jul |
Ending balance |
(b) |
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Work in Process Inventory |
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1-Jul |
Beginning balance |
(c) |
31-Jul |
Jobs completed |
(f) |
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31 |
Direct materials |
80,000 |
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31 |
Direct labor |
(d) |
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31 |
Overhead |
(e) |
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31-Jul |
Ending balance |
(g) |
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Finished Goods Inventory |
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1-Jul |
Beginning balance |
(h) |
31-Jul |
Cost of goods sold |
(j) |
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31 |
Completed jobs |
(i) |
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31-Jul |
Ending balance |
(k) |
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Factory Labor |
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31-Jul |
Factory wages |
(l) |
31-Jul |
Wages assigned |
(m) |
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Manufacturing Overhead |
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31-Jul |
Indirect materials |
8,900 |
31-Jul |
Overhead applied |
117,000 |
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31 |
Indirect labor |
16,000 |
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31 |
Other overhead |
(n) |
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Other data:
1. On July 1, two jobs were in process: Job No. 4085 and Job No. 4086, with costs of $19,000 and $8,200, respectively.
2. During July, Job Nos. 4087, 4088, and 4089 were started. On July 31, only Job No. 4089 was unfinished. This job had charges for direct materials $2,000 and direct labor $1,500, plus manufacturing overhead. Manufacturing overhead was applied at the rate of 130% of direct labor cost.
3. On July 1, Job No. 4084, costing $145,000, was in the finished goods warehouse. On July 31, Job No. 4088, costing $138,000, was in finished goods.
4. Overhead was $3,000 under applied in July.
Instructions
List the letters (a) through (n) and indicate the amount pertaining to each letter. Show computations.