Bell Company’s fiscal year ends on June 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year.
| Raw Materials Inventory | |||||
| 1-Jul | Beginning balance | 19,000 | 31-Jul | Requisitions | (a) |
| 31 | Purchases | 90,400 |
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| 31-Jul | Ending balance | (b) |
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| Work in Process Inventory | |||||
| 1-Jul | Beginning balance | (c) | 31-Jul | Jobs completed | (f) |
| 31 | Direct materials | 80,000 |
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| 31 | Direct labor | (d) |
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| 31 | Overhead | (e) |
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| 31-Jul | Ending balance | (g) |
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| Finished Goods Inventory | |||||
| 1-Jul | Beginning balance | (h) | 31-Jul | Cost of goods sold | (j) |
| 31 | Completed jobs | (i) |
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| 31-Jul | Ending balance | (k) |
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| Factory Labor | |||||
| 31-Jul | Factory wages | (l) | 31-Jul | Wages assigned | (m) |
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| Manufacturing Overhead |
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| 31-Jul | Indirect materials | 8,900 | 31-Jul | Overhead applied | 117,000 |
| 31 | Indirect labor | 16,000 |
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| 31 | Other overhead | (n) |
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Other data:
1. On July 1, two jobs were in process: Job No. 4085 and Job No. 4086, with costs of $19,000 and $8,200, respectively.
2. During July, Job Nos. 4087, 4088, and 4089 were started. On July 31, only Job No. 4089 was unfinished. This job had charges for direct materials $2,000 and direct labor $1,500, plus manufacturing overhead. Manufacturing overhead was applied at the rate of 130% of direct labor cost.
3. On July 1, Job No. 4084, costing $145,000, was in the finished goods warehouse. On July 31, Job No. 4088, costing $138,000, was in finished goods.
4. Overhead was $3,000 under applied in July.
Instructions
List the letters (a) through (n) and indicate the amount pertaining to each letter. Show computations.
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