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Question: reyes manufacturing company uses a job order cost system at...

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Reyes Manufacturing Company uses a job order cost system. At the beginning of January, the company had one job in process (Job 201) and one job completed but not yet sold (Job 200). Job 202 was started during January. Other select account balances follow (ignore any accounts that are not listed). During January, the company had the following transactions: a) Purchased $63,000 worth of materials on account. (b) Recorded materials issued to production as follows: Job Number 201 202 Indirect materials Total Cost S 11,300 20,300 5,900 S 37,500 (c) Recorded factory payroll costs from direct labor time tickets that revealed the following: Job Number 201 202 Factory supervision 115 2,700 10,500 4,300 $ 17,500 384 (d) Applied overhead to production at a rate of $26.00 per direct labor hour for 499 actual direct labor hours. (e) Recorded the following actual manufacturing overhead costs: ltem Factory rent Total Cost S 2,900 Paid in cash 4,000 3,200 2,400 $12,500 Factory equipment Incurred but not paid Prepaid policy Factory utilties Factory insurance (f) Completed Job 201 and transferred it to Finished Goods Inventory (g) Sold Job 200 for $50,300. Job 202 was still in process at the end of January.Required 1. Post the preceding transactions to T-accounts. (Note: Capture the offsetting of debits and credits to other accounts such as Cash, Payables, Accumulated Depreciation, and so on in Miscellaneous Accounts.) Raw Materials Inventory Work in Process Inventory 37,000 25,500 31,600 13,200 12,974 63,000 37,500 (b) b) 31/1 62,500 31/1 83.274 Finished Goods I Cost of Goods Sold 29,000 31/1 29,000 31/1 Manufacturing Overhead Sales Revenue b) c) 5,900 4,300 12,500 31/1 31/1 22,700 Miscellaneous Accounts ables, etc.2. Compute the ending balance in the following accounts: a. Raw Materials Inventory b.Work in Process Inventory c. Finished Goods Inventory d. Cost of Goods Sold (unadjusted) e. Manufacturing Overhead 3. Compute the total cost of Jobs 201 and 202 at the end of January Job Total Cost Number of Job 201 202

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