Answered Essay: ezto mheducation.com/hm.tpx Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South Chi

ezto mheducation.com/hm.tpx Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages commissions on their sales. All of the companys transactions are conducted in cash; there is no credit through an extensive network of street vendors who receive with customers, employees, and suppliers The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $105,000 of manufacturing overhead for an estimated activity level of $50,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: Raw materials Work in process Finished goods $ 11,000 $ 5,000 S 8,800 During the year, the following transactions were completed: a. Raw materials purchased for cash, $163,000 b. Raw materials requisitioned for use in production, $150.000 (materials costing $127,000 were charged directly to jobs; the remaining materials were indirect) Costs for employee services were incurred as follows: c. Direct labor Indirect labor Sales commissions S 164,000 s 262,200 S 22,000 S 45,000 d Rent for the year was $18,200 ($13.400 of this amount related to factory operations and the remainder related to selling and administrative activities) Utility costs incurred in the factory. $15.000
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ezto mheducation.com/hm.tpx Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages commissions on their sales. All of the company’s transactions are conducted in cash; there is no credit through an extensive network of street vendors who receive with customers, employees, and suppliers The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $105,000 of manufacturing overhead for an estimated activity level of $50,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: Raw materials Work in process Finished goods $ 11,000 $ 5,000 S 8,800 During the year, the following transactions were completed: a. Raw materials purchased for cash, $163,000 b. Raw materials requisitioned for use in production, $150.000 (materials costing $127,000 were charged directly to jobs; the remaining materials were indirect) Costs for employee services were incurred as follows: c. Direct labor Indirect labor Sales commissions S 164,000 s 262,200 S 22,000 S 45,000 d Rent for the year was $18,200 ($13.400 of this amount related to factory operations and the remainder related to selling and administrative activities) Utility costs incurred in the factory. $15.000

Expert Answer

 

ans 1
No. Accounts Title Dr Cr
a Raw Material Inventory $163,000
Cash $163,000
b Work in Process Inventory $127,000
Manufacturing Overhead $23,000
Raw material Inventory 150000
c Work in Process Inventory $164,000
Manufacturing Overhead 262200
Sales commission 22000
Administartive expenses 45000
wages payable $493,200
d Manufacturing Overhead 13400
Rent expenses 4800
Accounts Payable 18200
e Manufacturing Overhead 15000
Accounts Payable 15000
f Advertising expenses $11,000
Accounts Payable $11,000
g Manufacturing Overhead 16000
Depreciation expenses 5000
Accumulated depreciation 21000
h Work in Process Inventory 344400
Manufacturing Overhead (105000/50000*164000) 344400
i Finished Goods Inventory $225,000
Work in Process Inventory 225000
j Accounts Receivable 510000
sales 510000
Cost of Good sold $216,000
Finished Goods Inventory 216000
ans 2 Work in processInventory
Dr Cr
Particulars Amt Particulars Amt
Opening balance 5000 Finishe Goods Inventory 225000
Raw material Inventory $127,000
wages payable $164,000
Manufacturing Overhead $344,400
Ending balance $415,400
Finished Goods Inventory
Particulars Amt Particulars Amt
Opening balance 8800 Cost of Good sold 216000
Work in Process Inventory 225000
Ending balance 17800
Raw material inventory
Particulars Amt Particulars Amt
Opening balance 11000 Work in Process Inventory 127000
Accounts Payable 163000 Manufacturing Overhead 23000
Ending balance 24000
Manufacturing Overhead
Raw material Inventory 23000 Work in Process Inventory $344,400
wages payable 262200
Accounst Payable 13400
Accounst Payable 15000
Acc. Dep 16000
Ending balance $14,800
Cost of Good Sold
Dr Cr
Particulars Amt Particulars Amt
Finished Goods Inventory 216000
Ending balance 216000
Manufacturing overapplied
Dr Cr
Cost of Good sold $14,800
Cost of Good sold $14,800
Income statement
Sales 510000
Less: cost of good sold $201,200
Gross profit $308,800
Selling and administrative expenses
Sales commission 22000
Administartive expenses 45000
Rent expenses 4800
Advertising expenses $11,000
Depreciation expenses 5000
Total Selling and administrative expenses 87800
Net Operati ng income $221,000
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