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Cost schedules for materials, labor, overhead and inventories

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The following trial balance was taken from the records of Jones Company at the beginning of 2009.

cash $5000
raw materials inventory 750
work in process inventory 1,200
finished goods inventory 2100
property, plant, and equipment 7500

accumulated depreciation $3000
common stock 7400
retained earnings 6150
total 16550 16550

1. Jones purchased $5700 of direct raw materials and $300 of indirect raw materials on account. The indirect materials are capitalized in production supplies account. Materials requisitions showed that $5400 of direct raw materials had been used for production during the period. The use of indirect materials is determined at the end of the year by physically counting the supplies on hand.

2. By the end of year, $5250 of the accounts payable had been paid in cash.

3. During the year, direct labor amounted to 950 hours recorded in the wages payable account at 10.50 per hr.

4. By the end of the year, $9000 of wages payable had been paid in cash.

5. At the beginning of the year, the company expected overhead cost for the period to be $6300 and 1000 direct labor hours to be worked. Overhead is allocated based on direct labor hours, which as indicated in #3 amounted to 950 for the year.

6. Administrative sales expenses for the year amounted to $900 paid in cash.

7. Utilities and rent for production facilities amounted to $4650 paid in cash.

8. Depreciation on the plant and equipment used in production amounted to $1500

9. Assume that $12000 of goods were completed during the year.

10. Assume $12750 of finished goods inventory was sold for $18,000 cash

11. A count of the production supplies revealed a balance of $89 on hand at the end of the year.

12. Any over or underapplied overhead is considered insignifigant.

What is cost of goods manufactured and sold? What are the beginning raw materials, purchases, raw materials available, ending raw materials inventory, raw materials used, labor, overhead, total manufacturing cost, beginning work in process inventory, total work in process inventory, ending work in process inventory, cost of goods manufactured, beginning finished goods, goods available, ending finished goods and cost of goods sold?

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This solution provides cost schedules for materials, labor, overhead and inventories.

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