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Exam 19: Job-Order Costing: a Microsoft Excel-Based Approach

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Question 1

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In the Excel,or spreadsheet,approach to recording financial transactions,direct labor paid in cash is recorded as a decrease in the Cash column and as an increase in the Work in Process column.

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Question 2

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In the Excel,or spreadsheet,approach to recording financial transactions,indirect labor paid in cash is recorded as a decrease in the Cash column and as an increase in the Work in Process column.

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Amunrud Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on January 1 appears below: Summaries of the transactions completed during January appear below: Required: Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns,the spreadsheet has been divided into two parts that should be side by side.

In the Excel,or spreadsheet,approach to recording financial transactions,expired insurance coverage on factory equipment is recorded as a decrease in the Prepaid Insurance column and as a decrease in the Retained Earnings column.

In the Excel,or spreadsheet,approach to recording financial transactions,factory utility costs paid in cash are recorded as a decrease in the Cash column and as an increase in the Manufacturing Overhead column.

In the Excel,or spreadsheet,approach to recording financial transactions,cash paid to creditors is recorded as a decrease in the Cash column and as a decrease in the Retained Earnings column.

In the Excel,or spreadsheet,approach to recording financial transactions,work in process that has been completed is recorded as a decrease in the Work in Process column and as an increase in the Cost of Goods Sold column.

In the Excel,or spreadsheet,approach to recording financial transactions,the revenues and expenses on the income statement can be determined by summing each column.

In the Excel,or spreadsheet,approach to recording financial transactions,if manufacturing overhead is underapplied by X dollars,the Manufacturing Overhead account is closed out by deducting X dollars in the Manufacturing Overhead column and deducting X dollars in the Retained Earnings column.

Sandra Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on January 1 appears below: Summaries of the transactions completed during January appear below: Required: Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns,the spreadsheet has been divided into two parts that should be side by side.

In the Excel,or spreadsheet,approach to recording financial transactions,the Manufacturing Overhead account is used to record two things-all actual overhead expenses and the amount of manufacturing overhead applied to production using the predetermined overhead rate.

Tiehen Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on April 1 appears below: Summaries of the transactions completed during April appear below: Required: Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns,the spreadsheet has been divided into two parts that should be side by side.

Huberty Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on April 1 appears below: Summaries of the transactions completed during April appear below: Required: a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns,the spreadsheet has been divided into two parts that should be side by side. b.Prepare a Balance Sheet for the company for April 30.

Wurzer Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on January 1 appears below: Summaries of the transactions completed during January appear below: Required: a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns,the spreadsheet has been divided into two parts that should be side by side. b.Prepare a Balance Sheet for the company for January 31. c.Prepare a Schedule of Cost of Goods Manufactured for the company for January. d.Prepare a Schedule of Cost of Goods Sold for the company for January. e.Prepare an Income Statement for the company for January.

Wessendorf Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on January 1 appears below: Summaries of the transactions completed during January appear below: Required: a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns,the spreadsheet has been divided into two parts that should be side by side. b.Prepare a Balance Sheet for the company for January 31.

Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on October 1 appears below: Summaries of the transactions completed during October appear below: Required: a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns,the spreadsheet has been divided into two parts that should be side by side. b.Prepare a Schedule of Cost of Goods Sold for the company for October. c.Prepare an Income Statement for the company for October.

In the Excel,or spreadsheet,approach to recording financial transactions,manufacturing overhead applied is recorded as an increase in the Work in Process column and as a decrease in the Manufacturing Overhead column.

In the Excel,or spreadsheet,approach to recording financial transactions,raw material purchases on account are recorded as increases in the Raw Materials inventory column and decreases in the Accounts Payable column.

In the Excel,or spreadsheet,approach to recording financial transactions,an advertising expense paid in cash is recorded as a decrease in the Cash column and as a decrease in the Retained Earnings column.

Plocek Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on July 1 appears below: Summaries of the transactions completed during July appear below: Required: a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns,the spreadsheet has been divided into two parts that should be side by side. b.Prepare a Balance Sheet for the company for July 31. c.Prepare a Schedule of Cost of Goods Manufactured for the company for July. d.Prepare a Schedule of Cost of Goods Sold for the company for July. e.Prepare an Income Statement for the company for July.