Dupont Fishing Equipment Company Manufactures Fishing Rods

Dupont Fishing Equipment Company manufactures fishing rods in a wide variety of lengths and weights. The following incomplete ledger accounts refer to transactions that are summarized for November: MaterialsNov. 1Balance 10,000Nov. 30Requisitions(A)31Purchases 120,000Work in ProcessNov. 1Balance(B)Nov. 30Completed jobs(F)30Materials(C)30Direct labor(D)30Factory overhead applied(E)Finished GoodsNov. 1Balance0Nov. 30Cost of goods sold(G)30Completed jobs(F)Wages PayableNov. 30Wages incurred130,000Factory OverheadNov. 1Balance2,500Nov. 30Factory overhead applied(E)30Indirect labor(H)30Indirect materials3,00030Other overhead60,000In addition, the following information is available: a. Materials and direct labor were applied to six jobs in November: DirectDirectJob No.StyleQuantityMaterialsLaborNo. 111DL-870$ 15,000$ 12,000No. 112DL-1810023,00018,000No. 113DL-1112027,50025,000No. 114SL-10110011,00012,500No. 115SL-11017528,00027,500No. 116DL-148015,00014,500Total645$119,500$109,500b. Factory overhead is applied to each job at a rate of 75% of direct labor cost.c. The November 1 Work in Process balance consisted of two jobs, as follows: Work in Process,Job No.StyleNovember 1Job 111DL-8$20,000Job 112DL-1830,000Total$50,000d. Customer jobs completed and units sold in November were as follows: CompletedUnits Sold inJob No.Stylein NovemberNovemberJob 111DL-8X60Job 112DL-18X100Job 113DL-11X80Job 114SL-1010Job 115SL-110X150Job 116DL-140Instructions1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings: Nov. 1Cost ofJobWork inDirectDirectFactoryTotalUnitUnitsGoodsNo.QuantityProcessMaterialsLaborOverheadCostCostSoldSold2. Determine the November 30 balances for each of the inventory accounts and factory overhead.

Originally posted 2018-07-06 17:53:17. Republished by Blog Post Promoter

Dupont Fishing Equipment Company manufactures fishing rods

Question
Dupont Fishing Equipment Company manufactures fishing rods in a wide variety of lengths and weights. The following incomplete ledger accounts refer to transactions that are summarized for November:

Materials

Nov. 1

Balance 10,000

Nov. 30

Requisitions

(A)

31

Purchases 120,000

Work in Process

Nov. 1

Balance

(B)

Nov. 30

Completed jobs

(F)

30

Materials

(C)

30

Direct labor

(D)

30

Factory overhead applied

(E)

Finished Goods

Nov. 1

Balance

0

Nov. 30

Cost of goods sold

(G)

30

Completed jobs

(F)

Wages Payable

Nov. 30

Wages incurred

130,000

Factory Overhead

Nov. 1

Balance

2,500

Nov. 30

Factory overhead applied

(E)

30

Indirect labor

(H)

30

Indirect materials

3,000

30

Other overhead

60,000

In addition, the following information is available:

a. Materials and direct labor were applied to six jobs in November:

Direct

Direct

Job No.

Style

Quantity

Materials

Labor

No. 111

DL-8

70

$ 15,000

$ 12,000

No. 112

DL-18

100

23,000

18,000

No. 113

DL-11

120

27,500

25,000

No. 114

SL-101

100

11,000

12,500

No. 115

SL-110

175

28,000

27,500

No. 116

DL-14

80

15,000

14,500

Total

645

$119,500

$109,500

b. Factory overhead is applied to each job at a rate of 75% of direct labor cost.

c. The November 1 Work in Process balance consisted of two jobs, as follows:

Work in Process,

Job No.

Style

November 1

Job 111

DL-8

$20,000

Job 112

DL-18

30,000

Total

$50,000

d. Customer jobs completed and units sold in November were as follows:

Completed

Units Sold in

Job No.

Style

in November

November

Job 111

DL-8

X

60

Job 112

DL-18

X

100

Job 113

DL-11

X

80

Job 114

SL-101

0

Job 115

SL-110

X

150

Job 116

DL-14

0

Instructions

1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:

Nov. 1

Cost of

Job

Work in

Direct

Direct

Factory

Total

Unit

Units

Goods

No.

Quantity

Process

Materials

Labor

Overhead

Cost

Cost

Sold

Sold

2. Determine the November 30 balances for each of the inventory accounts and factory overhead.