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1.Clancy Co.'s March 31 inventory of raw materials is $190.000 Raw materials purchases in April are $740,000, and factory payroll cost in April is $649,000. Overhead costs incurred in April are indirect materials, $118.000 indirect labor, $89.000, factory rent. $112.000: factory utilities. $63.000, and factory equipment depreciation, $73.000. The predetermined overhead rate is 80% of direct labor cost. Job 306 is sold for $1.230.000 cash in April Costs of the three jobs worked on in April follow Job 306 Jab 307 Job 38 $ 73,000 64,000 51,200 $191,000 40,000 32,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 179,000 173,00 286,020 260,000 $144,020 127.000 Fan Shed (Solo) Finished Kuns20 In process Complete this question by entering your answers in the tabs below. Requirement General Journal Genera Ledger Balance dob Conti cast of Goods Hifa Gross Pro Prepare journal entries for the month of Aransactions. View to Wowowca
View transaction list View journal entry worksheet ? a. Record the purchase of materials (on credit). 2 b. Record direct materials used in production. c. Record direct labor paid and assigned to work in Process Inventory. d. Record indirect labor paid and assigned to Factory Overhead. 5 e. Record overhead costs applied to Work in Process Inventory, 6 f1. Record the cost of indirect materials used. neral La + Rand the net nt factori citittiec naid in each Note journal entry has been entered
View transaction list View journal entry worksheet ? 7 f2. Record the cost of factory utilities paid in cash. 8 f3. Record the depreciation on factory equipment. ???? 9f4. Record the cost of factory rent, paid in cash. 10 9. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. 11 h. Record the cost of goods sold for Job 306. 12 i. Record the revenue from the cash sale of Job 306. 12 1. Record the assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material Note : journal entry has been entered neral
Requirement Tral Balance Journal Ledger Job Costs Prepare a schedule of cost of goods manufactured for Clancy Company CLANCY COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Direct labor used Direct materials used Factory overhead applied 0 Total manufacturing costs added during April Add: Beginning work in process inventory Total cost of work in process Less Ending work in process inventory Job Costs Gross Profil Prey
Requirement General Journal General Ledger Trial Balance Job Cost Select the accounts used in the calculation of gross profit. En month of April. 0 000: No journal entry required 101: Cash 106: Accounts receivable net 120: Raw materials inventory Prev 0
Requirement General Journal General Ledger Trial Balance Job Cos Select the accounts used in the calculation of gross profit. E month of April. 0 Gross profit Cost of Goods My Brev.

2.Combat Fire, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume (54,000 units), half-gallon cylinder that holds 2 1/2 pounds of multi- purpose dry chemical at 480 PSI. The commercial model is a low-volume (10,200 units), two-gallon cylinder that holds 10 pounds of multi-purpose dry chemical at 390 PSI. Both products require 1.5 hours of direct labor for completion. Therefore, total annual direct labor hours are 9,300 or (1.5 hours * (54,000 + 10,200)). Estimated annual manufacturing overhead is $1,574,800. Thus, the predetermined overhead rate is $16.35 or ($1,574,800 +96,300) per direct labor hour. The direct materials cost per unit is $18.50 for the home model and $26.50 for the commercial model. The direct labor cost is $19 per unit for both the home and the commercial models The company's managers identified six activity cost pools and related cost drivers and accumulated overhead by cost pool as follows. Estimated Use of Drivers by Product Cost Drivers Commercial Activity Cost Pools Receiving Forming Assembling Testing Painting Packing and shipping Pounds Machine hours Number of parts Number of tests Gallons Pounds Estimated Overhead $87,100 151,900 405,790 49.980 52.580 827,450 Estimated Use of Cost Drivers 335,000 35,000 217.000 25.500 5.258 335.000 Home 215.000 27,000 165,000 15.500 3,680 215,000 120,000 8,000 52.000 10.000 1,578 120,000 $1.574,800
Under traditional product costing, compute the total unit cost of each product. (Round answers to 2 decimal places, eg. 12. Home Model Commercial Model Total unit cost