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.
Work-in-Process Inventory Assignment
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.
Work-in-Process Inventory Assignment
Why Work with Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
24/7 Customer Support
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admission Essays & Business Writing Help
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.