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(Solved by Expert Tutors) Problem 37LO.4 (Journal entries; assigning costs to jobs; cost accumulat


costing system for the yachts it constructs. On September 1, 2013, thecompany had the following account balances:Raw Material Inventory $ 332,400Work in Process Inventory 1,512,600Cost of Goods Sold 4,864,000On September 1, the three jobs in Work in Process Inventory had the following balances:Job #75 $586,400Job #78 266,600Job #82 659,600The following transactions occurred during September:Sept. 1 Purchased $1,940,000 of raw material on account. 4 Issued $1,900,000 of raw material as follows: Job #75, $289,600; Job #78,$252,600; Job #82, $992,200; Job #86, $312,400; and indirect material, $53,200. 15 Prepared and paid the $757,000 factory payroll for September 1?15. Analysis of this payroll showed the following information:Job #75 9,660 hours $ 84,600Job #78 26,320 hours 267,200Job #82 20,300 hours 203,000Job #8610,280 hours 110,800Indirect labor wages 91,400Sept. 15 On each payroll date, Ialani Corp. applies manufacturing overhead to jobs at arate of $12.50 per direct labor hour. 15 Job #75 was completed, accepted by the customer, and billed at a selling priceof cost plus 30 percent. Selling prices are rounded to the nearest whole dollar. 20 Paid the following monthly factory bills: utilities, $39,600; rent, $70,600; andaccounts payable (accrued in August), $196,800. 24 Purchased raw material on account, $624,000. 25 Issued $716,400 of direct material as follows: Job #78, $154,800; Job #82,$212,600; Job #86, $349,000; indirect material issued was $55,800. 30 Recorded additional factory overhead costs as follows: depreciation, $809,000;expired prepaid insurance, $165,400; and accrued taxes and licenses, $232,400. 30 Recorded and paid the factory payroll for September 16?30 of $714,400.Analysis of the payroll follows:Job #78 8,940 hours $177,400Job #82 13,650 hours 228,400Job #86 9,980 hours 243,600Indirect labor wages 65,000 30 Applied overhead for the second half of the month to jobs.b. Use T-accounts to post the information from the journal entries in (a) to the jobcost subsidiary accounts and to general ledger accounts.c. Reconcile the September 30 balances in the subsidiary ledger with the Work inProcess Inventory account in the general ledger.d. Determine the amount of underapplied or overapplied overhead for September.I have the journals done. Thank you.

 


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