Job Order Costing Practice Pro

Job Order Costing Practice Problem 3 At the beginning of thecurrent year, Maple Products had the following inventory amounts onits balance sheet: Raw materials $12,000 Work in process 20,000Finished goods 35,000 Maple Products estimated that it would incur$60,000 in manufacturing overhead during the year, and that itwould operate at a level of 15,000 direct labor hours. During thecurrent year, the following transactions were completed:

A. Purchased raw material on account, $8,000.

B. Raw materials were issued to production, $16,000. 90% ofthese materials were direct, and 10% were indirect.

C. Factory payrolls were paid, $49,000. 80% of the factorypayroll was direct labor, and 20% was indirect labor. 14,000 directlabor hours were worked.

D. Administrative payrolls were paid, $12,00. Sales payrollswere paid, $10,000.

E. Depreciation on factory equipment, $8,000.

F. Factory utilities paid, $7,000.

G. Various administrative expenses incurred and paid,$20,000

H. Various selling expenses incurred and paid, $15,000.

I. Various manufacturing overhead costs incurred and paid (otherthan those indicated above), $30,000.

J. Manufacturing overhead was applied to production.

K. Completed production for the current year, $106,600.



predeterminedoverhead rate
4 per DLH’s
no Accounttitles & Explanations Debit Credit
a. Raw materialsinventory 8,000
Accountspayable 8,000
b. Work inprocess inventory 14400
Manufacturingoverhea 1,600
Raw materialsinventory 16,000
c. Work inprocess inventory 39200
Manufacturingoverhea 9800
Factorypayroll/cash 49,000
d. Administrative salaries 12,000
salessalaries 10,000
Factorypayroll/cash 22,000
e. Manufacturingoverhead 8,000
Accumulateddepreciation 8,000
f. Manufacturingoverhead 7,000
cash 7,000
g. Administrative expense 20,000
cash 20,000
h. Sellingexpense 15,000
cash 15,000
i. manufacturingoverhead 30,000
cash 30,000
j. Work inprocess inventory 56000
manufacturingoverhead (14000*4) 56,000
k. Finishedgoods inventory 106,600
work inprocess inventory 106,600
Factorypayroll is paid so prefer to enter cash account, incase thatoption
is notavailable then only credit factory payroll

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