Sveta Corporation’s fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year.
|
Raw Materials Inventory |
|||||||
|
Dec. |
1 |
Beginning balance |
(a) |
Dec. |
31 |
Requisitions |
18,850 |
|
31 |
Purchases |
19,225 |
|||||
|
Dec. |
31 |
Ending balance |
7,975 |
||||
|
Work in Process Inventory |
|||||||
|
Dec. |
1 |
Beginning balance |
(b) |
Dec. |
31 |
Jobs completed |
(f) |
|
31 |
Direct materials |
(c) |
|||||
|
31 |
Direct labor |
8,800 |
|||||
|
31 |
Overhead |
(d) |
|||||
|
Dec. |
31 |
Ending balance |
(e) |
||||
|
Finished Goods Inventory |
|||||||
|
Dec. |
1 |
Beginning balance |
(g) |
Dec. |
31 |
Cost of goods sold |
(i) |
|
31 |
Completed jobs |
(h) |
|||||
|
Dec. |
31 |
Ending balance |
(j) |
||||
|
Factory Labor |
|||||||
|
Dec. |
31 |
Factory wages |
12,465 |
Dec. |
31 |
Wages assigned |
(k) |
|
Manufacturing Overhead |
|||||||
|
Dec. |
31 |
Indirect materials |
1,900 |
Dec. |
31 |
Overhead applied |
(m) |
|
31 |
Indirect labor |
(l) |
|||||
|
31 |
Other overhead |
1,245 |
|||||
Other data:
1. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $9,750 and direct labor costs of $15,000. Overhead was applied at a rate that was 80% of direct labor cost.
2. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $3,800 and direct labor $4,800, plus manufacturing overhead. All jobs, except for Job No. 158, were completed in December.
3. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $5,000. On December 31, Job No. 157 was the only job finished that was not sold. It had a cost of $4,000.
4. Manufacturing overhead was $230 overapplied in December.
Instructions
List the letters (a) through (m) and indicate the amount pertaining to each letter.