Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system

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Required Information The Following Information Applies To The Questions Displayed Below Bergo Bay S Accounting System 1 (129.77 KiB) Viewed 4 times

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Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 170,000 75,000 80,000 15,000 3,000 Credit $ 17,000 25,000 50,000 271,000 373,000 218,000 115,000 60,000 $ 736,000 $ 736,000 These six documents must be processed to bring the accounting records up to date. $ 10,200 direct materials to Job 402 Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 18,600 direct materials to Job 404 $ 5,600 indirect materials $36,000 direct labor to Job 402 $ 23,800 direct labor to Job 404 $ 8,200 indirect labor
S Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 200% of direct labor cost. a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. Required: 1. Use the document information above to prepare journal entries for the above costs. View transaction list No 1 View journal entry worksheet Transaction a Cash Accounts receivable Raw materials inventory Work in process inventory Prepaid rent Finished goods inventory General Journal < Prev 14 15 16 17 Debit 170,000 75,000 45,600 208,200 3,000 15,000 of 19 ‒‒‒ --- Credit Next Ⓒ
4 k nces View transaction list Journal entry worksheet < 2 Record direct labor costs for Jobs 402 and 404. Note: Enter debits before credits. Transaction b. Record entry 4 5 General Journal Clear entry Debit Credit View general journal >
es Journal entry worksheet < 1 2 Transaction Record the entry to apply overhead to Jobs 402 and 404. Note: Enter debits before credits. C. 3 Record entry 4 5 General Journal Clear entry Debit Credit View general journal >
r 1 2 Transaction d. 3 Record the indirect materials used. Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry Debit Credit >
View transaction list Journal entry worksheet < 1 Record the indirect labor. Note: Enter debits before credits. Transaction e. 2 3 Record entru 4 5 General Journal Debit Credit >
2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine th underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Req 2A Req 2B In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount underapplied overhead. Actual overhead (given) Indirect materials Indirect labor Factory Overhead 5,600 8,200 Req 2A Req 2B >
View transaction list Journal entry worksheet < 1 Record the entry to allocate any overapplied or underapplied overhead. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal