Snowy Inc had the following job costs for January: Job 23 24 25 Dec Work in proc

Question

Snowy Inc had the following job costs for January:

Job                                   23                    24                   25

Dec Work in process       $5,000        $2,000

January Direct Materials $20,000 $18,000 $6,000

Prepare the journal entries to record the january costs to the jobs and transfer job 23 to finished goods. You can type your answer OR write it clearly and neatly on your scrap paper, just make a note within the answer block if you wrote it on scrap paper.

January Direct Labor $10,000 $25,000 $2,000

January Overhead    $5,000 $12,500 $1,000

Explanation / Answer

Work in Process inventory 44000 =20000+18000+6000          Raw Materials Inventory 44000 Work in Process inventory 37000 =10000+25000+2000         Factory Labor 37000 Work in Process inventory 18500 =5000+12500+1000         Manufacturing Overhead 18500 Finished Goods inventory 40000 =5000+20000+10000+5000         Work in Process inventory 40000

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