QuestionQuestion

Transcribed TextTranscribed Text

A B C D E F G H I J K 1 Manufacturing companies deal with three different types of inventory: Raw Material, Work-in- Process, and Finished Goods Inventory. From the following information calculate the new inventory balances as of the end of Feburary and the total Cost of Goods Sold for the period of 2 January and February. Job #1 lob #2 Job #3 Job #4 3 December 31, 20xx Beginning Balance 4 Raw Material Inventory $55.000 DM Applied Jan/Feb 5 Work-in-Process $30.000 Madeup of the 4 jobs listed DL Applied Jan/Feb 6 lob #1 $10.000 OV Applied Jan/Feb 7 Job #2 $5.000 lobTotals 8 Job #3 $12.000 Jan/Feb Additions 9 Job## $3.000 10 Finished Goods Inventory $27.000 Raw Material 11 Beginning Balance 12 Raw Material Purchases Purchased January 13 January $10.000 Purchased February 14 February $12.000 lob#1 15 lob#2 16 Direct Materials Applied to Jobs during January & February Job#3 17 lob #1 $2.500 lob#4 18 lob #2 $5.000 Raw Material Balance 19 lob #3 $1.000 20 lob #4 $7.000 WIP 21 Beginning Balance 22 Direct Labor Applied to Jobs during January & February Job #1 Jan/Feb 23 lob #1 $3.000 Job#2Jan/Feb 24 lob #2 $8.000 Job#3Jan/Feb 25 lob #3 $500 Job#4Jan/Feb 26 lob #4 $10.000 Job#1Sold 27 Job #3 Finished Goods Overhead through the end of December is applied. Apply overhead at 25% of the direct labor cost to each job for January & 28 February 29 30 Job #1 was sold before the end of February. Finished Goods 31 Beginning Balance 32 Job #3 was moved into Finished Goods before the end of February. lob#1 33 lob#3 34 lob#1 35 Finished Goods 36 37 COGS 38 39 Calculate the EOQ for the following items based on the information given. Annual Holding Order 40 Annual Demand Cost (per unit) Cost 41 Item #1 20000 $0,75 $25,00 42 Item #2 10000 $3,15 $30,00 43 Item #3 50000 $2,50 $20,00 44 Item #4 75000 $2,00 $40,00 45 EOQ 46 Item #1 47 Item #2 48 Item #3 49 Item #4

Solution PreviewSolution Preview

These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.

Job #1 Job #2 Job #3 Job #4
Beginning Balance $10.000 $5.000 $12.000 $3.000
DM Applied Jan/Feb $2.500 $5.000 $1.000 $7.000
DL Applied Jan/Feb $3.000 $8.000 $500 $10.000 NOTES FOR ROGER:
OV Applied Jan/Feb $750 $2.000 $125 $2.500 Overhead allocation = 25% x direct labor for Jan & Feb.
Job Totals $16.250 $20.000 $13.625 $22.500
Jan/Feb Additions $6.250 $15.000 $1.625 $19.500 Additions = Job Totals - Beginning Balance...

By purchasing this solution you'll be able to access the following files:
Solution.xlsx.

$30.00
for this solution

or FREE if you
register a new account!

PayPal, G Pay, ApplePay, Amazon Pay, and all major credit cards accepted.

Find A Tutor

View available Accounting Tutors

Get College Homework Help.

Are you sure you don't want to upload any files?

Fast tutor response requires as much info as possible.

Decision:
Upload a file
Continue without uploading

SUBMIT YOUR HOMEWORK
We couldn't find that subject.
Please select the best match from the list below.

We'll send you an email right away. If it's not in your inbox, check your spam folder.

  • 1
  • 2
  • 3
Live Chats