(Simple inventory calculation) Production data for the first week in November 2010 for Florida Fabricators were as follows:
|
WORK IN PROCESS INVENTORY |
|||||
|
Date |
Job No. |
Material |
Labor |
Machine Time (Overhead) |
|
|
Nov. 1 |
411 |
$1,900 |
36 hours |
50 hours |
|
|
1 |
412 |
1,240 |
10 hours |
30 hours |
|
|
7 |
417 |
620 |
8 hours |
16 hours |
|
Finished Goods Inventory, Nov. 1: $23,800
Finished Goods Inventory, Nov. 5: $0
|
MATERIAL RECORDS |
||||
|
Type |
Inv. 11/1 |
Purchases |
Issuances |
Inv. 11/5 |
|
Aluminum |
$ 8,300 |
$98,300 |
$58,700 |
$ ? |
|
Steel |
12,800 |
26,500 |
34,200 |
$ ? |
|
Other |
5,800 |
23,550 |
25,900 |
$ ? |
Direct labor hours worked in the first week of November were 680 at a cost of $15 per direct labor hour. Machine hours worked that week were 1,200. Overhead for first week in November was as follows:
|
Depreciation |
$ 9,000 |
|
Supervisor salaries |
14,400 |
|
Indirect labor |
8,350 |
|
Insurance |
2,800 |
|
Utilities |
2,250 |
|
Total |
$36,800 |
Overhead is applied to production at a rate of $30 per machine hour. Underapplied or overapplied overhead is treated as an adjustment to Cost of Goods Sold at year end. All company jobs are consecutively numbered, and all work not in ending Finished Goods Inventory has been completed and sold. The only job in progress on November 5 was #417.
Determine the following balances on November 5:
a. the three raw material accounts
b. Work in Process Inventory
c. Cost of Goods Sold