Determine the amounts for the following 9. a) Ending Work-in-Process Inventory in Units AND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold d) Over/Under Applied Manufacturing Overhead e) Show and calculate an Income Statement f) Over or Under applied COGS g) Gross Profit h) Net Income 10. Prepare the necessary Journal Entries related to the manufacturing cycle using the chart of account numbers instead of account names when entering the journal entries.
A chart of Accounts is shown below. For example: Instead of Debit Raw Materials – Plastic I would debit account number 12000 $5,000 and credit 10000 $5,000 when purchasing the raw materials plastic for cash. An example will be provided for each journal entry. Please follow the instructions carefully. Assets 10000 Cash 11000 Accounts Receivable 12000 Raw Materials – Plastic 12100 Raw Materials – Wheels Work in 12200 process Factory 12300 Overhead Finished 12400 Goods Liabilities 20000 Accounts Payable 21000 Wages Payable Revenues 40000 Sales Expenses 50000 COGS Manufacturing Process Information Teddy started a small manufacturing plant that fabricates small scale trucks. The manufacturing process starts with plastic pellets being put into a plastic molding machine. After the trucks are shaped in the mold, they are cooled and then inspected. If the truck passes inspection, the wheels are added at the end and they are transferred to finished goods. This process is completely automated. Direct material plastic is added 100 % at the beginning of the process; direct material wheels are added 100% as the last step in the process Conversion costs are added equally throughout the process. Conversion is 45 % complete for the beginning inventory work in process and 55 % complete for the ending inventory work in process. At the beginning of the accounting period, Teddy started 5,200 trucks into production. The estimated factory overhead is $1,300. This information is to be used to determine the application rate for overhead. Estimated and actual direct labor costs totaled $2,000. The actual factory overhead costs totaled $1,500. Selling and Administrative Expenses totaled $1,000 The following information is available concerning the direct materials Direct Materials-Plastic Beginning inventory Purchase of plastic O pounds @$2.50 a pound 2,800 pounds@ $2.50 a pound 200 pounds@$2.50 a pound Ending Inventory One pound of plastic makes 2 trucks Direct Materials- Wheels (there are four wheels for each truck) O wheels@$0.10 a wheel 20,800 wheels @ $0.10 a wheel Beginning inventory Purchase of wheels The work in process account has the following information Beginning Work in Process contains 0 trucks Ending work in process contains 300 trucks The finished goods account has the following Information 0 trucks Beginning Finished Goods Ending Finished Goods Tax rate is 35 % 2,000 trucks 2900 trucks were sold at $6.50 10. Get Accounting homework help today
Our customer is the center of what we do and thus we offer 100% original essays..
By ordering our essays, you are guaranteed the best quality through our qualified experts.All your information and everything that you do on our website is kept completely confidential.
Academicwritingcompany.com always strives to give you the best of its services. As a custom essay writing service, we are 100% sure of our services. That is why we ensure that our guarantee of money-back stands, alwaysRead more
The paper that you order at academicwritingcompany.com is 100% original. We ensure that regardless of the position you are, be it with urgent deadlines or hard essays, we give you a paper that is free of plagiarism. We even check our orders with the most advanced anti-plagiarism software in the industry.Read more
The Academicwritingcompany.com thrives on excellence and thus we help ensure the Customer’s total satisfaction with the completed Order.To do so, we provide a Free Revision policy as a courtesy service. To receive free revision the Academic writing Company requires that the you provide the request within Fifteen (14) days since the completion date and within a period of thirty (30) days for dissertations and research papers.Read more
With Academicwritingcompan.com, your privacy is the most important aspect. First, the academic writing company will never resell your personal information, which include credit cards, to any third party. Not even your lecturer on institution will know that you bought an essay from our academic writing company.Read more
The academic writing company writers know that following essay instructions is the most important part of academic writing. The expert writers will, therefore, work extra hard to ensure that they cooperate with all the requirements without fail. We also count on you to help us provide a better academic paper.Read more