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In: Business and Management

Submitted By pgrimaldi1
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Bus 182 – Job Order Costing Comprehensive Problem A. L. Vuitton Fitness Inc. manufacturers exercise equipment. During the first month of operations ended April 30, 2010, L. Vuitton Fitness Inc. had the following transactions and information:  Purchase direct materials on account for $118,000  Materials requisitioned for production of cardio equipment $35,000  Materials requisitioned for production of strength training equipment $50,000  Factory assembly line wages incurred, $25,000  Factor assembly supervisor and quality control salaries incurred, $45,000  Corporate headquarter salaries incurred, $65,000  Following factory expenses were incurred: o Depreciation on production equipment, $5,000 o Utilities on account, $2,500 o Property taxes on factory, $1,500  L. Vuitton Fitness Inc. uses machine hours to apply factory overhead. Estimated factory overhead is $55,000; estimated machine hours 2,000; actual machine hours 2,100  Following general and administrative expenses were incurred: o Depreciation on equipment, $7,500 o Utilities on account, $1,250 o Property taxes on corporate headquarters, $2,500  Cost of exercise equipment completed for the period, $165,000  Goods costing $105,000 sold for $155,000 on account  L. Vuitton Fitness Inc. uses a direct write-off approach in applying over or under applied factory overhead. L. Vuitton adjusts its factory overhead account at the end of the year. Requirements a. Prepare journal entries for each transaction listed above. b. Determine the ending balance of the following accounts: i. Direct Materials ii. Work In Process iii. Finish Goods iv. Cost of Goods Sold c. Prepare a cost of goods manufactured for the month. d. Prepare the income statement for the month e. Assume L. Vuitton adjusts the factory overhead account at the end of the month instead, determine the ending balance for the following accounts: i....

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