htpo/lerto.mheducation.com/hm.tpx O Assignments: ACCTG 002: Int Google Yahoo e C
ID: 2334882 • Letter: H
Question
htpo/lerto.mheducation.com/hm.tpx O Assignments: ACCTG 002: Int Google Yahoo e Carvas·LASC 0 LACCD e Student Email LASC Email MJHicks , MSDNAA T TestOut LabSim value 1.92 points Exercise 15-17 Manufacturing cost flows LO P1, P2, P3 Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $6,000, direct labor of $2,800, and applied overhead of $2,240. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost During July, Job 120 is sold (on account) for $22,000, Job 121 is started and completed, and Job 122 is started and still in process at the end of the month. Custom Cabinetry incurs the following costs during July July Product Costs Direct materials Direct labor Overhead applied Job 120 Job 121 Job 122Total $1,000 $6,000 $2,500 $9,500 2,200 3,700 2100 8,000 1. Prepare journal entries for the following in July a. Direct materials used in production b. Direct labor used in production c. Overhead applied. d. The sale of Job 120 e. Cost of goods sold for Job 120 View transaction list Journal entry worksheet Record the entry to assign direct materials to jobs. Note: Enter debits before credits. General Journal Debit CreditExplanation / Answer
**cost of job 120 =[6000+1000]direct material +[2800+2200]direct labor + [5000*.80]overhead
= 7000+5000+4000
= 16000
Transaction General Journal Debit credit a work in process 9500 Raw material inventory 9500 [being direct material used] b work in process 8000 Factory labor 8000 [Being direct labor used] c work in process 6400 manufacturing overhead 6400 [being overhead applied 8000*.80] d Accounts receivable 22000 sales revenue 22000 e cost of goods sold 16000 finished goods inventory 16000 [cost of job 120 recorded]Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.