The following costs were incurred in February 2006 byStore-it-all, which produce

Question

The following costs were incurred in February 2006 byStore-it-all, which produces customized storage buildings. DM purchased on account = $38000 Direct material used for jobs Job #217   $22400 Job #218      3600 Otherjob     26800     52800 DL for month Job #217     $5200 Job #218       7000 Other job     9800        22,000 Actual overhead costs for February   110,000 The balance in Work in Process Inventory on February 1 was$8400, which consisted of $5600 for Job #217 and $2800 for Job218. The February beginning balance in Direct MaterialInventory was $12300. Actual overhead is applied to jobs on the basis of directlabor cost. Job #217 was completed and transferred tofinished goods during February. It was then sold for cash at135 percent of cost. a. Prepare journal entires to record the precedinginformation b. Determine the February ending balance in Work inProcess Inventory. How much of this balance relates to Job#218? What are the steps to solve this. The following costs were incurred in February 2006 byStore-it-all, which produces customized storage buildings. DM purchased on account = $38000 Direct material used for jobs Job #217   $22400 Job #218      3600 Otherjob     26800     52800 DL for month Job #217     $5200 Job #218       7000 Other job     9800        22,000 Actual overhead costs for February   110,000 The balance in Work in Process Inventory on February 1 was$8400, which consisted of $5600 for Job #217 and $2800 for Job218. The February beginning balance in Direct MaterialInventory was $12300. Actual overhead is applied to jobs on the basis of directlabor cost. Job #217 was completed and transferred tofinished goods during February. It was then sold for cash at135 percent of cost. a. Prepare journal entires to record the precedinginformation b. Determine the February ending balance in Work inProcess Inventory. How much of this balance relates to Job#218? What are the steps to solve this.

Explanation / Answer

x.j5nbsp; Prepare journal entires to record the preceding information.

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