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Can somebody check my work on the attached image that I have done so far? Additionally, I

Can somebody check my work on the attached image that I have done so far? Additionally, I

Can somebody check my work on the attached image that I have done so far?  Additionally, I am having trouble filling out what to enter into the blank light and blue boxes (where applicable, for journal entries, some of the dark blue should be left blank).  I need help with those.

 

Thanks!

1 Job Cost Journal Entries Prior to the beginning of 2019, Lowe Company estimated that it would incur
2 $176,000 of manufacturing overhead cost during 2019, using 16,000 direct labor hours to produce
3 the desired volume of goods. On January 1, 2019, beginning balances of Materials Inventory, Work-in-
4 Process Inventory, and Finished Goods Inventory were $28,000, S-0-, and $43,000, respectively.
5
Required
Prepare general journal entries to record the following for 2019:
6
7
a. Purchased materials on account, $39,000.
b. Of the total dollar value of materials used, $31,000 represented direct materials and $11,000
10
indirect materials.
11
c. Determined total factory labor, $135,000 (15,000 hrs. @ $9/hr.)
12
d. Of the factory labor, 80 % was direct and 20 % indirect.
13
e. Applied manufacturing overhead based on direct labor hours to work-in-process.
f. Determined actual manufacturing overhead other than those items already recorded, $92,000.
14
15
(Credit Accounts Payable.)
g. Ending inventories of work-in-process and finished goods were $32,000 and $57,000, respectively.
16
17
Continued:
Determine the cost of finished goods (credit WIP) and the cost of goods sold (credit FG
inventory). Make separate entries.
h. Transferred the balance in Manufacturing Overhead to Cost of Goods Sold.
18
19
20
21
To record cost of finished goods.
22
23
General Journal
Work in process:
24 Item
Debit
Credit
Description
Beginning balance
Charges per entries:
25 a
Direct Materials
39,000
b.
Accounts Payable
Purchased materials on account
39,000
26
27
28
Total cost
Work in process
29 b
42,000
Less ending balance
Cost of finished goods
Direct materials
30
31,000
Manufacturing overhead
31
11,000
To record requisition of direct material and indirect material.
32
Cost of goods sold
Finished goods
328,000
33
328,000
34 c.& d
Work in process
135,000
To record cost of goods sold.
Direct Labor
35
108,000
Manufacturing overhead
To record distribution of employee wages.
36
135,000
Finished goods:
37
Beginning balance
Cost of goods manufactured
Finished goods available
Less: Ending balance
Cost of goods sold
38
Work in process
39 e
165,000
Manufacturing overhead
To apply manufacturing overhead
165,000
40
41
42
43
Hours
Rate
Overhead rate
15,000 $
44
11.00
45
Rate
Hours
To transfer over-applied overhead to the Cost of Goods Sold account.
Labor hours
16,000
46
47
Applied overhead
165,000
Manufacturing overhead:
Charges per entries:
48
b
49 f.
d.
50
f.
To record other manufacturing overhead incurred.
51
Total actual overhead
52
Applied overhead
Finished goods
53 g.
342,000
Over-applied overhead
Work in process
342,000
54
manish jayant 09-Sep-2020

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