Coleman Company’s computer system generated the following trial balance on December 31, 2009. The…

Coleman Company’s computer system generated the following trial balance on December 31, 2009. The company’s manager knows that the trial balance is wrong because it does not show any balance for Goods in Process Inventory but does show balances for the Factory Payroll and Factory Overhead accounts. After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date. Materials requisition 94-231: $9,200 direct materials to Job 603 Materials requisition 94-232: $15,200 direct materials to Job 604 Materials requisition 94-233: $4,200 indirect materials Labor time ticket 765: $10,000 direct labor to Job 603 Labor time ticket 766: $16,000 direct labor to Job 604 Labor time ticket 777: $6,000 indirect labor Jobs 603 and 604 are the only units in process at year-end. The predetermined overhead rate is 200% of direct labor cost. Required 1. Use information on the six source documents to prepare journal entries to assign the following costs. a. Direct materials costs to Goods in Process Inventory. b. Direct labor costs to Goods in Process Inventory. c. Overhead costs to Goods in Process Inventory. d. Indirect materials costs to the Factory Overhead account. e. Indirect labor costs to the Factory Overhead account. 2. Determine the revised balance of the Factory Overhead account after making the entries in part 1. Determine whether there is under- or overapplied overhe

 

Looking for a Similar Assignment? Let us take care of your accounting classwork while you enjoy your free time! All papers are written from scratch and are 100% Original. Try us today! Active Discount Code FREE15