Q1-1
Which job(s) represent finished goods inventory at November 30, 2019? (Check all that apply.)
1. #220 Abernathy & Fetch [shipped on Dec.2 meaning it was completed prior to Dec.]
Q-1-2
Which job(s) make up work-in-process at November 30, 2019? (Check all that apply.)
2. #221 Whiskey & Soda [because it was completed on Dec 6]
3. Job #222 [completed Dec 16]
Q 1-3
How much direct labor will it take (in dollars) to complete Job #221 for Whiskey & Soda? Use the Cost Sheet in the Gatsby's Accounting System and Policies section.
11/20/19: 100,000
11/21/19: 18,750
So 118,750?
Q 1-4
How much manufacturing overhead must be added to complete Job #222 for K. Brand?
2000?
Q 1-5
Which job(s) were sold in December 2019?
# 220,#221, #222 & #223, were sold in December 2019.
Q 1-6
What is the cost of goods sold for the month of December 2019?
COGS = Beginning inventory + purchases during the period- ending inventory.
Beginning Inventory:
Q 1-7
Which job(s) were in work-in-process inventory at December 31, 2019? (Check all that apply.)
# 224 & # 225, were in work-in-process inventory at December 31, 2019.
Q 1-8
What is the cost of ending work-in-process at December 31, 2019?
Q 1-9
What is the average cost per pair of jeans for the job started and completed in December 2019?
Q1-10
What is the ending finished goods inventory at December 31, 2019?
P1-1 Complete the worksheet (on p. 22, in the e-materials for this book, or in the Student Excel Template) related to source documents based on December 2019 transactions. See the assignment information for submission instructions.
Source document:
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Who initiates?
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How many forms are initiated in December 2019 and for which jobs, vendors, customers?
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December 2019 transaction dates to be recorded on this source document
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Customer order
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Employee time record summary report
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Materials requisition
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Purchase order
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Receiving report
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Sales invoice
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Vendor invoice
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P 1-2 Is GATSBY MANUFACTURING INC. a multi-product company producing products that are unique in character and distinguishable from each other? How many segments or product lines do they produce? What are their cost objects? Does Gatsby use a process costing or job-order costing system?
P 1-3 What type of product cost might cause a job to cost more per pair of jeans than other jobs?
P 1-4 Complete the Job Cost Sheets (in the Documents Folder or in the Student Excel Template) based on the December 2019 Transaction List in the Document Folder that relate to manufacturing product cost information. See the assignment information for submission instructions.
P 1-5
Enter transactions from December 2019 in the T-accounts (at the end of this booklet or in Student Excel Template) that represent inventory and cost accounts in the General Ledger. See the assignment information for submission instructions.