Entries and Schedules for Unfinished Jobs and Completed Jobs Staircase Equipment

Question

Entries and Schedules for Unfinished Jobs and Completed Jobs Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 2014, the first month of operations: a. Materials purchased on account, $3,200. b. Materials requisitioned and factory labor used: Materials Factory Labor Job No. 301 No. 302 No. 303 No. 304 No. 305 No. 306 For general factory use S3,230 3,940 2,620 8,850 5,620 4,100 1,100 $1,840 2,480 1,210 4,560 3,480 2,210 2,720 c. Factory overhead costs incurred on account, $6,170. d. Depreciation of machinery and equipment, $1,310 e. The factory overhead rate is $50 per machine hour. Machine hours used: Job No. 301 No. 302 No. 303 No. 304 No. 305 No. 306 Total Machine Hours 27 15 43 85 18 15 203 f. Jobs completed: 301, 302, 303, and 305 g. Jobs were shipped and customers were billed as follows: Job 301, $7,700; Job 302, $8,600; Job 303, $17,340. Required: 1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "O"

Explanation / Answer

[Being Direct material used :[3230+3940+2620+8850+5620+4100=28360

Direct labor :[1840+2480+1210+4560+3480+2210]=15780

**f)cost =direct material +Direct labor +overhead applied

cost of Job 301 :[3230+1840+(27*50)= 6420

302: [3940+2480+(15*50)]=7170

303 : [2620+1210+(43*50)]5980

305:[5620+3480+(18*50)]10000

Total :29570

2a)

3)

Date Account Debit credit a Raw material inventory 3200 Accounts payable 3200 b work in process [28360+15780] 44140 Manufacturing overhead [1100+2720] 3820 Raw material inventory [28360+1100] 29460 Wages payable [15780+2720] 18500

[Being Direct material used :[3230+3940+2620+8850+5620+4100=28360

Direct labor :[1840+2480+1210+4560+3480+2210]=15780

c Manufacturing overhead 6170 Accounts payable 6170 d Manufacturing overhead 1310 Accumulated depreciation-factory 1310 e Work in process 10150 manufacturing overhead 10150 [Being overhead applied 203*50] f Finished goods inventory 29570 Work in process** 29570 g Accounts receivable 33640 sales revenue 33640 [sales made]7700+8600+17340 cost of sales 19570 Finished goods inventory [7170+5980+6420] 19570

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.