PROBLEM 3-12 ACCOUNTING 232 JOB ORDER COSTING Product- 10 DIRECT MATERIALS - QUANTITY PER UNIT $20.00 UNIT COST TOTAL UNIT MATERIAL COST 20 PRODUCT LABOR HOURS PER UNIT $25.00 F EN- LABOR RATE PER HOUR TOTAL UNIT LABOR COSTO O APPLIED MANUFACTURING OVERHEAD UNIT COST HVOR TOTAL PRODUCT COST QUANTITY TO BE PRODUCED DE ile 25,000 SELLING PRICE - THREE TIMES UNIT COST MANUFACTURING OVERHEAD COST: ISOLE DEPRECIATION $425,000 UTILITIES TATOTO SUPPLIES 200,000 TAXES 100,000 INSURANCE S 000 210200,000 ESTIMATED TOTAL COST $1,000,000 ESIMATED TOTAL LABOR HOURS 500,000 UOL PREDERTERMINED OH RATE 224 Page Transactions: 23. ISSUED COMMO UED COMMON STOCK WORTHS 5.000.000 ASED ON ACCOUNT 265,000 UNITS OF RAW MATERIALS AT 24. PURCHASED ON AC $25.00 EACH 25. TRANSFERRED 250 00 NSFERRED 250,000 UNITS TO WORK-IN-PROCESS CURRED 300,000 LABOR HOURS AT $25.00 PER HOUR TO BE PAID 26. INCURRED 20 LATER (Hint: wages payable) APPLIED MANUFACTURING OVERHEAD FOR 300,000 HOURS COMPLETED 15000 UNITS WITH TOTAL LABOR AND MANUFACTURING OVERHEAD CHARGED TO 15000 COMPLETED UNITS 29. SOLD 14000 UNITS ON ACCOUNT 30. ACTUAL MANUFACTURING OVERHEAD INCURRED (Hint: Depreciation is not credited to cash) i. Depreciation 380,000 ii. Utilities 180.000 iii. Supplies 220,000 iv. Taxes 55,000 V. Insurance 45,000 31. PREPARE JOURNAL ENTRY FOR OVERAPPLIED/UNDERAPPLIED OVERHEAD IF ANY 32. SELLING EXPENSES INCURRED IS 10% OF TOTAL SALES - PAID IN CASH 33. OFFICE EXPENSES INCURRED IS 1,000,000 - PAID IN CASH REQUIRED: 17. COMPLETE JOURNAL ENTRIES 18. POST JOURNAL ENTRIES TO THE LEDGER 19. PREPARE TRIAL BALANCE 20. PREPARE COST OF GOODS MANUFACTURED STATEMENT 21. PREPARE COST OF GOODS SOLD STATEMENT 22. PREPARE INCOME STATEMENT 19. PREPARE COST OF GOODS SOLD STATEM 23. PREPARE STATE REPARE STATEMENT OF RETAINED EARNINGS 225 Page 24. PREPARE BALANCE SHEET