Excel Practise Questions and Solutions

Forge Machine Works
Solution Job order cost sheet-job 642

req 1
Direct Material Direct labor FOH
date issued amount date hours rate cost date hours rate
14-Sep 1200 20-Sep 180 6.2 1116 20-Sep 180 3.5
20-Sep 662 26-Sep 140 7.3 1022 26-Sep 140 3.5
22-Sep 480
TOTAL 2342 2138
req2 sales price of job 642,contracted with a markup of 40% of cost

direct material 2342
direct labor 2138
applied foh 1120
total factory cost 5600
marup 40% of cost 2240
sales price 7840
FOH
cost
630
490
1120
Journal
Date Expalnantions P.R Debit
1 Materials 30000
A/payable
To record purchases of materials
2 Payroll 25000
cash
To record payment of labor
3 work in process (direct labour) 20000
factory overhead (indirect labour) 3500
payroll
To record requisition of labor
4 work in process (direct materials) 15000
factory overhead (supplies) 1500
Materials
To record requisition of Materials
5 factory overheads (dep) 1000
accumulated depreciation
To record depreciation for the month
6 factory overheads 14500

a/payable
To record other factory overhead costs
7 work in process 20000

Applied foh
To record requisition of applied foh
8 finished goods 34000
work in process
To record job completed and transferred
9 cash 21000
sales
To record sales revenue
10 cost of goods sold 15000

finished goods
To record cost of goods sold
Credit
30000
25000
23500
16500
1000
14500
20000
34000
21000
15000
Computation
1 total cost of job completed

2 total cost of job sold
3 amount of Payroll transferred to Foh
4 Total amoount of requisition to WIP
5 Gross profit earned
6 Ending FG inventory (job 3)
job 1+job 3 (24000 + 18000) $ 42,000
job 1 (2000+6000+8000+8000) $ 24,000
$ 5,500
17000+21000+21000 $ 59,000
31000 - 24000 $ 7,000
6000+6000+6000 $ 18,000
Req 2 A/R salary & wages payable
c 475000
K 1500000
PREPAID INSURANCE sales

k 1500000
H 10000
Raw Material cost of goods sold

bal 20000 b 380000 k 870000
a 410000 end bal 50000
430000 430000
work in process sales commission expense

bal 15000 j 900000 c 90000
b 360000
c 75000 end 30000
i 480000
930000 930000
finished goods admin salary expense

bal 30000 k 870000 c 200000
j 900000 end 60000
930000 930000
MOH sales travel expense

B 20000 I 480000 d 17000
C 110000
E 43000
G 280000
H 7000
END 20000
480000 480000
ACCUMULATED DEPRECIATION advertising expense

f 180000
G 350000
Account Payable Deprecaition expense

a 410000 g 70000
d 17000
e 43000
f 180000
Insurance expense
h 3000
Req 1
Journal
Date Expalnantions P.R Debit Credit
1 Raw Material 410000

Accounts payable 410000

fctory overhead 20000
Materials 380000

factory overhead 110000
Sales commision expense 90000
admin salary expense 20000
salaries & wages payable 295000
4 Sales Travel Expense 17000

Accounts Payable 17000
5 Manufacturing Overhead 43000

6 Advertising expense 180000


depreciation expense 70000
accumulated depreciation 350000

Insurance expense 3000
Prepaid Insurance 10000

manufacturing overhead 480000
10 Fiinished goods 900000

work in process 900000
11 cost of goods sold 870000

Finished goods 870000
A/R 1500000
Sales 1500000
req 3
Manufacturing overhead is overapplied for the year. The entry to close it out to Cost of Goods
Sold is as follows
MOH 20000
COGS 20000
pdr=450000/75000= 6
Req 4 Hogle Corporation

Income Statement
For the Year ended december 31
Sales 1500000
Cost of goods sold(870000-20000 overapplied) 850000
Gross margin 650000
Selling and administrative expenses:
Sales commissions expense 90000
Administrative salaries expense 200000
Sales travel expense 17000
Advertising expense 180000
Depreciation expense 70000
Insurance expense 3000
Total expenses 560000
Net operating income 90000
it out to Cost of Goods
WIP FG
beg cogm beg cogs
dm cogm end
dl end
foh
0 0 0 0
Req 1
Journal
Date Expalnantions P.R Debit
a Materials 10000
A/payable
To record purchases of materials
b Materials 5000
A/payable
c work in processn (DM) 7000

factory overhead (IM) 3000
Materials
d work in process 15000

factory overhead 5000
payroll
e foh control account 1800

cash
f foh control account 875

cash
g foh control account 625

accumulated depreciation
h foh control account 50

prepaid insurance on machinery
i work in process 11250

applied foh
j No entry required
K Accounts Receivables 50000

Sales
Credit
10000
5000
10000
20000
1800
875
625
50
11250
50000

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Forge Machine Works

Solution Job order cost sheet-job 642

req2 sales price of job 642,contracted with a markup of 40% of cost

6 factory overheads 14500

7 work in process 20000

10 cost of goods sold 15000

1 total cost of job completed

PREPAID INSURANCE sales

Raw Material cost of goods sold

work in process sales commission expense

finished goods admin salary expense

MOH sales travel expense

ACCUMULATED DEPRECIATION advertising expense

Account Payable Deprecaition expense

1 Raw Material 410000

2 work in process 360000

3 work in process 75000

4 Sales Travel Expense 17000

5 Manufacturing Overhead 43000

6 Advertising expense 180000

7 Manufacturing Overhead 280000

8 Manufacturing Overhead 7000

9 work in process 480000

10 Fiinished goods 900000

11 cost of goods sold 870000

Req 4 Hogle Corporation

c work in processn (DM) 7000

d work in process 15000

e foh control account 1800

f foh control account 875

g foh control account 625

h foh control account 50

i work in process 11250

K Accounts Receivables 50000

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