Lambeth Custom Cabinets

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AC270 Case 1: Lambeth Custom Cabinets 1. Raw Materials A $2,150.00 $1,975.00 A-What started in Raw Materials account B $1,675.00 $1,175.00 B- Raw Materials purchased $3,825.00 $3,150.00 C C- Raw Materials transferred to production EB $675.00 WIP A $5,650.00 $3,805.00 G A-Beginning Balance B $3,150.00 $4,175.00 H B-What was transferred in from Raw Materials $8,800.00 $1,110.00 I C-Direct Labor during September C $3,460.00 $9,090.00 D-Direct Labor from beginning of September D $2,450.00 E-Overhead from September E $1,225.00 F- Overhead from September F $1,730.00 G- Cost for Job A-3 $17,665.00 H- Cost for Job A-4 EB $8,575.00 I- Cost for Job A-5 Finished Goods A $9,090.00 $9,090.00 B A-What was transferred in from WIP $- B-Cost of Goods Sold Supplies Inventory A $620.00 $490.00 C A-Starting Balance B $580.00 B- Supplies that were purchased in September $1,200.00 C- Supplies used EB $710.00 MOH A $490.00 A-Transferred in from Supplies Inventory Labor A $5,460.00 A- Cost of labor Other Assets A $16,890.00 A- Assets that were stated from the beginning Expenses&Inc. Summary $6,125.00 $3,420.00 B A-Revenue received for each of the completed jobs $8,600.00 B- Cost of expenses $1,750.00 A $16,475.00 2. Balance Sheet September 1st Balance Sheet September 30th *Note: My balance sheet does not balance and I can’t seem to find where I went wrong. Income Statement 3. The WIP balance for Job A-5 and Job A-7 comes to a total of $3,525. The balance for Job A-5 has a total of $2,380 and Job A-7 has total of $1,145. A5+A7=WIP $2,380+$1,145=$3,525 A5=$180+$550+$275+$325+$700$350=$2380 A7=$590+$370+$185=$1145 4. On a full costing basis, no the order should not be sold for

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