Accounting
I need all work shown so i undersnad how to do this.
Problem 1:
Able Corporation incurred the following costs.
| Beginning direct materials inventory | $16,000 |
| Beginning work-in-process inventory | $7,000 |
| Beginning finished goods inventory | $19,000 |
| Ending direct materials inventory | $16,000 |
| Ending work in process | $14,000 |
| Ending finished goods | $ 26,000 |
| Factory supervisor’s salary | $28,000 |
| Depreciation on plant | $12,000 |
| Sales | $800,000 |
| Selling and administrative expenses | $125,000 |
| Plant maintenance | $6,000 |
| Plant utilities | $11,000 |
| Direct material purchases | $215,000 |
| Direct labor | $240,000 |
Calculate the following.
- Direct materials used
- Cost of goods manufactured
- Cost of goods sold
- Operating income
problem 2:
Below is information from Job Card 506 for the Bearing Manufacturing Company.
Date started: June 15, 2015
Date Completed: July 24, 2015
| Date | Direct Materials | Direct Labor | Applied Factory Overhead | Job Total |
|---|---|---|---|---|
| 6/15/2015 | $ 5,000 | |||
| 6/25/2015 | $1,200 | $600 | ||
| 6/27/2015 | $2,300 | |||
| 7/6/2015 | $ 1,540 | $770 | ||
| 7/15/2015 | $2,600 | |||
| 7/24/2015 | $760 | $380 |
Job 506 was sold on credit on July 24, 2015, for 180% of its cost.
Factory OH was applied on the basis of DL.
Required:
- Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead.
- Prepare the journal entry to record the completion of Job 506.
- What is the predetermined factory overhead rate for Bearing Manufacturing?
- Prepare the journal entries to record the sale of Job 506.
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