Kurtz Fencing Inc. uses a job order cost system. The following data summarize th
ID: 2408090 • Letter: K
Question
Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations:
Chart of Accounts
Amount Descriptions
Journal
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1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on March 31. Record item g as 2 entries. Refer to the Chart of Accounts for exact wording of account titles.
All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback.
PAGE 10
JOURNAL
Score: 117/225
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Materials are recorded in the Materials Inventory account until requisitioned.
All direct costs: materials and labor are recorded in the Work in Process account.
All indirect costs are considered as overhead and are recorded in the Factory Overhead account.
Overhead is applied to Work in Process using a predetermined overhead rate.
The cost of completed jobs should be moved to the Finished Goods account.
The cost of sold jobs should be moved to the Cost of Goods Sold account.
T Accounts
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2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. For grading purposes enter transactions in alphabetical order. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank.
Points:
6 / 12
Feedback
Check My Work
Post entries to the Work in Process T account and to the Finished Goods T account.
Schedule of Unfinished Jobs
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3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.
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Score: 0/51
Kurtz Fencing Inc.
Schedule of Unfinished Jobs
1
Job
Direct Materials
Direct Labor
Factory Overhead
Total
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3
4
Points:
0 / 12
Feedback
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Include the direct materials, direct labor, and factory overhead for each unfinished job.
Schedule of Completed Jobs
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4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.
Kurtz Fencing Inc.
Schedule of Completed Jobs
1
Job
Direct Materials
Direct Labor
Factory Overhead
Total
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a. Materials purchased on account, $28,610. b. Materials requisitioned and factory labor used:Explanation / Answer
2.
1 Date Description Post. Ref. Debit Credit 1 Mar. 31 a. Materials 28610 2 Accounts payable 28610 3 Mar. 31 b. Work in process 50450 4 Factory overhead 5100 5 Materials 27270 6 Wages payable 28280 7 Mar. 31 c. Factory overhead 5710 8 Accounts payable 5710 9 Mar. 31 d. Factory overhead 1910 10 Accumulated depreciation-machinery and equipment 1910 11 Mar. 31 e. Work in process 12485 12 Factory overhead ($55 x 227) 12485 13 Mar. 31 f. Finished goods 35110 14 Work in process 35110 15 Mar. 31 g1. Accounts receivable 34940 16 Sales revenue 34940 17 Mar. 31 g2. Cost of goods sold 22225 18 Finished goods 22225Related Questions
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