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Moving to another question will save this response 10 points Question 1 started and finished job no K24 during August The job required $16.000 of direct materials and 40 hours of direct labor at $18 per hour The prede factory overhead rate is $22 per direct labor hour During August, direct materials requisitions for alljobs (including job no. K24) totaled $184,000 The total direct labor hours and cost for all jobs ( including job no K24) were 8000 hours at $18 per hour. The costs of all jobs completed (including job no. K24) were $342,000 Required A Prepare journal entries that summarize August's total activity B Determine the cost of job no. K24 8

Explanation / Answer

Req A. Journal entries: S.No. Accounts title and explanations Debit $ Credit $ a. Work in process inventory Dr. 184000      Raw material Inventory Account 184000 b. Work in process Inventory Dr. 144000      Wages payable 144000 c. Work in process invenrtory Dr. 176000       Factory Overheads (8000 hours@ 22) 176000 d. Finished Goods inventory Dr. 342000      Work in process inventory Account 342000 Cost sheet of Job No. K24: Material cost 16000 Labour cost (40hours @18) 720 Overheads cost (40 hours @22) 880 Total cost of Job K24 17600

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