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Appendix 4A) Journal Entries, T-Accounts structions Chart of Accounts Amount Descriptions Instructions Lowder Inc. builds custom...

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Appendix 4A) Journal Entries, T-Accounts structions Chart of Accounts Amount Descriptions Instructions Lowder Inc. builds cus
count Amount Descriptions Instructions 28 30 31 31 UU. Charged overhead to production at the rate of $10 per direct labor hou
Instructions Chart of Accounts CHART OF ACCOUNTS Lowder Inc. General Ledger REVENUE 410 Sales ASSETS 110 Cash 120 Accounts Re
UIO Instructions Chart of Accounts 144 Finished Goods 170 Land JOU O Experise 560 Depreciation Expense 590 Miscellaneous Expe
(Appuu A) Journal Entries, T-Accounts Instructions Chart of Accounts Amount Descriptions Amount Descriptions Refer to the lis
Appendix 4A) Journal Entries, T-Accounts structions Chart of Accounts Amount Descriptions Instructions Lowder Inc. builds custom conveyor systems for warehouses and distribution centers. During the month of July, the following occurred Ju 2 28 Purchased materials on account for $42.630 Requisitioned materials totaling $27.000 for use in production: $12.500 for Job 703 and the remainder for Job 704 Recorded direct labor payroll for the month of $26,320 with an average wage of 14 per hour, Job 703 required 780 direct labor hours: Job 704 required 1,100 direct labor hours. incurred and paid actual overhead of $19.950. Charged overhead to production at the rate of $10 per direct labor hour. Completed Job 703 and transferred it to Finished Goods. Kopt Job 704, which was started during July, in process at the end of the month Sold Job 700, which had been completed in May, on account for cost plus 30% 28 28 30 31 31 Beginning balances as of July 1 were: $6.070 Raw Materials Wer in Duracell in in Check My Work 5 more Check My Work uses remaining, Previous All work saved Email Instructor Save and Exit Submit Assignment for Grading 1 8 9 0 delete
count Amount Descriptions Instructions 28 30 31 31 UU. Charged overhead to production at the rate of $10 per direct labor hour. Completed Job 703 and transferred to Finished Goods Kapt Job 704, which was started during July in process at the end of the month Sold Job 700, which had been completed in May, on count for cont plus 30% Beginning balances as of July 1 were Raw Materials Work in Process for Job 703) Finished Goods for Job 700) $6,070 10,000 6.200 Required: 1. Prepare the journal entries for July 1 through 28 2. Prepare simple job-order cost sheets for Jobs 703 and 3. Prepare the journal entries for events on July 30 and 31. 4. Calculate the ending balances of the following w Material Goods Work in Process and finished Check My Work more Check My Work uses remaining Previous All work saved. Email Instructor Save and Exit Submit Assignment for Grading UOP
Instructions Chart of Accounts CHART OF ACCOUNTS Lowder Inc. General Ledger REVENUE 410 Sales ASSETS 110 Cash 120 Accounts Receivable 131 Supplies 132 Prepaid Insurance 141 Raw Materials EXPENSES 510 Cost of Goods Sold 520 Insurance Expense 530 Wages Expense 142 Work In Process 143 Overhead Control 144 Finished Goods 170 Land 540 Supplies Expense 550 Utilities Expense 560 Depreciation Expense 180 Building 590 Miscellaneous Expense Check My Work 5 more Check My Work uses remaining Previous All work saved Email Instructor Save and Exit Submit Assignment for Grading
UIO Instructions Chart of Accounts 144 Finished Goods 170 Land JOU O Experise 560 Depreciation Expense 590 Miscellaneous Expense 180 Building 181 Accumulated Depreciation LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilities Payable 240 Lease Payable 250 Other Payable EQUITY 310 Common Stock 320 Putained Earnings Check My Work 5 more Check My Work uses remaining. Previous Email Instructor Save and Exit Submit Assignment for Grading
(Appuu A) Journal Entries, T-Accounts Instructions Chart of Accounts Amount Descriptions Amount Descriptions Refer to the list below for the exact wording of text items within your job order cost sheets Amount Descriptions Beginning balance Direct labor Direct materials Overhead applied Total Raw Materials Work in Process (for Job 703) Finished Goods (for Job 700) $6,070 10,000 6,240 Check My Work 5 more Check My Work uses remaining, Previous All work saved Email Instructor Save and Exit Submit Assignment for Grading 7 8 9

Answers

Q.1 Journal Entries upto 28th July

Date Accounts Debit Credit
Jul 1 Raw Material        42,630
Accounts Payable        42,630
(Being purchase of material on account
Jul 2 Work in Progress (Job 703)        12,500
Work in Progress (Job 704)        14,500
Raw Material        27,000
(Being Raw material issued for production)
Jul 28 Wages        26,320
Wages Payable        26,320
(Being wages for July)
Jul 28 Work in Progress (Job 703)        10,920
Work in Progress (Job 704)        15,400
Wages        26,320
(Being direct labor hour used for job 703 & 704)
Jul 28 Work in Progress (Job 703)           7,800
Work in Progress (Job 704)        11,000
Overhead        18,800
(Being overhead applied @ 10 per direct labor hour)

Q.2 Jobsheet upto 28th July

Job Sheet Job 703 Job 704
Opening Balance        10,000                 -  
Raw Material        12,500        14,500
Direct Labor        10,920        15,400
Overead           7,800        11,000
Closing Balance        41,220        40,900

Q.3 Journal entry for transactions on 30th & 31st July

Date Accounts Debit Credit
Jul 30 Finished Goods        41,220
Work in Progress        41,220
(Job-703 transferred from WIP)
Jul 31 Account Receivable           8,112
Sales           8,112
(Sale of Job 700)
Jul 31 Cost of Goods Sold           6,240
Finished Goods           6,240
(Job 700 issued from finished goods)

Q.4 Closing balances of inventories :

Inventories
Raw Material (6070+42630-27000)        21,700
Work in Progress (10000+27000+26320+18800-41220)        40,900
Finished goods (6240+41220-6240)        41,220
.

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