Question
In: Accounting
Journal entries for jobs work.
(1) Post relevant journal entries for Job 306, Job 307 and Job 308 for the month of April.
(2) Calculate cost of goods sold for Job 306.
(3) Calculate overapplied or underapplied overhead.
Solutions
Expert Solution
(1) Journal Entries -
Workings -
(1) Finished goods= Job 306+Job 307
Job 306= Direct materials+Direct labor+Manufacturing overhead
= $31000+137000+22000+89000+11000+(89000*50%)= $334,500
Job 307= $38000+223000+19000+155000+9500+(155000*50%)= $522,000
Finished goods= $334,500+522,000= $856,500
----------
(2) Cost of goods sold for Job 306= Direct materials+Direct labor+Manufacturing overhead=
= $31000+137000+22000+89000+11000+(89000*50%)
= $334,500
-----------
(3) Calculation of overapplied or underapplied -
Actual overhead = Indirect materials+Indirect labor+Factory rent+Factory utilities+Factory equipment depreciation = $51000+24000+33000+20000+53000 = $181,000
Applied overhead = Direct labor paid * 50% = ($89000+155000+106000) * 50% = $175,000
Overapplied or underapplied = Actual overhead - Applied overhead
= $181,000 -175,000 = $6,000 underapplied
------------------
(1) Jounal entries in explanation.
(2) Cost of goods sold for Job 306 = $334,500
(3) Overapplied or underapplied = $6,000 underapplied
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