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problem1) Gross earnings of the factory workers for Vargas Company during the month of January are $66,000. Employer’s payroll taxes for the factory payroll are 8,000. The fringe benefits to be paid by the employer on this payroll are $6,000. Of the total accumulated cost of factory labour, 85% is connected to direct labour and 15% is attributable to indirect labour:

a) Make entry to record the factory labour cost for month of January

b) Make entry to allot factory labour to production.

problem2) Stine Company uses a job order cost system. On May 1st, the company has a balance in Work in Process Inventory of 3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following.

Job Number     Materials Requisition Slips                   Labour Time Tickets
           
429                        $2,500                                             $1,900
430                       3,500                                                3,000
431                       4,400  $10,400                                 7,600     $12,500
General use             800                                                  1,200
                            $11,200                                             $13,700

Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 completed during the month.

a) Make summary journal entries to record (i) requisition slips, (ii) time tickets, (iii) assignment of manufacturing overhead to jobs, and (iv) completion of Job No. 429.

b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheet. (Use a T-account.)

problem3)  Knox Company begins operations on January 1. As all work is done to customer specifications, the company decides to use a job order cost system. Make flow-chart of a usual job order system with arrows showing the flow of costs. Recognize the eight transactions.

problem4) In January, first month of operations, Knox Company accumulated the following manufacturing costs: raw materials $4,000 on account, factory labour $6000 of which $5,200 relates to factory wages payable and $800 relates to payroll taxes payable, and utilities payable $2000. Make separate journal entries for each type of manufacturing cost.

problem5) In January, Knox Company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,400, Job 3 $700, and general factory use $600. Prepare a summary journal entry to record raw materials used.

Accounting Basics, Accounting

  • Category:- Accounting Basics
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