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iPad 3:31 PM edugen wileyplus.com Instag an H... what can Instagram H... chattanoog.... McKamey A.... Reset Pass... ® WileyPLUS shown below are the job cost related accounts for the law firm of Jack, Bob, and wil and their manufacturi ng equivalents: Manufacturing Firm Accounts Firm Accounts Salaries and Wages Payable Factory Wages Payable Operating overhead Manufacturing overhead Service Contracts in Process Work in Process Cost of Completed Service Contracts Cost of Goods Sold Cost data for the month of March follow, Purchased supplies on account $2,220 ssued supplies S1,500 (60%direct and 40% indirect). 3. Assigned labor costs based on time cards for the month which indicated labor costs of s69,600 (80% direct and 20% Operating overhead costs incurred for cash totaled $44,420. Operating overhead is applied at a rate of 90% of direct attomey cost Work completed totaled $82,120. Exercise 15-11 Journalize the transactions for March. (credit account titles are automatically indented when amount Do not indent manually. view Results by study Determine the balance of the Service Contracts Balance of Service Contracts in Process account. sExplanation / Answer
a) Raw Materials Inventory 2200
Accounts Payable 2200
(as purchases i srawmaterial the rule of debit what comes in will be applied)
b. Work in Process 1500
Manufacturing Overhead (40%) 600
Raw Materials Inventory(60%) 900
c. Work in Process 69600
Manufacturing Overhead(20%) 13920
Salaries and Wages Payable(80%) 55680
d. Manufacturing Overhead 105,000
Accumulated Depreciation 105,000
e. Manufacturing Overhead 444220
Accounts Payable 444220
. g.Cost of Goods Sold 82120
Finished Goods 82120
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