Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year,…

Ravsten Company utilizes job-order pricing. Since January 1,
the beginning of the current year, the company’s inventory balances
They were:

  
  Raw materials $ 17,500
  Work in process $ 9,760
  Finished goods $ 29,280

Overhead costs are applied to job positions on the basis
machine-hours. The company estimates that for the current year it will be able to produce approximately
You would need to work for 36,300 hours and spend $159,000.720 in manufacturing
overhead cost. For the following transactions,
year:

a. The raw materials were purchased
account: $206,000.
b. Requisitions were made for raw materials
Production: $193,000 (80% Direct and 20% Indirect).
c. These were the costs
Employee services
  
  Direct labour $ 162,600
  Indirect labour $ 27,600
  Sales
Commissions
$ 36,900
  Administrative
salaries
$ 81,200
d. Costs of heat, water, and power
The factory incurred $43,350.
e.

Prepaid insurance expires during the following year: $11,500 (85%).
the factory, 15% is for selling
Administrative activities

f. Advertising expenses were incurred.
$51,500.
g.

For the year, depreciation was $61,800 (90%)
factory operations; 10% is for administrative and selling
activities).

h.

The overhead manufacturing cost was used to produce. This was The
For the entire year, company recorded 40 600 machine-hours.

i.

Production of goods costing $493,100 according to job
The cost sheets were then transferred to the finished good warehouse.

j.

The year’s sales totalled $714,000, and all were on account.
These goods are manufactured at a cost that is determined by their jobs.
Cost sheets were $488,000.

Required:
1.

Make journal entries for the above transactions.
Intermediate calculations should not be rounded. If no entry is
Required for transaction/event. Select “No journal entries.”
Required” field in the first account section.

      

2.

For inventories and Manufacturing Overhead prepare T-accounts
Selling price Add relevant data to your journal entries
these T-accounts (don’t forget to enter the opening balances in
Your inventory accounts. Calculate the ending balance for each inventory account
account.

     

3-a. Are you in manufacturing?
Are overheads underapplied/overapplied during the calendar year?
Overapplied overhead
Inadequate overhead
3-b.

Make a journal note to dispose of the balance.
Manufacturing Overhead account (Do
Not to round intermediate calculations.
If no entry
is needed for a transaction/event select “No Journal Entry
Required” field in the first account section.

      

4.

Prepare an income statement each year

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