Staircase Equipment Company uses a job order cost system. The following data sum
ID: 2581188 • Letter: S
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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: Materials purchased on account, $2,310. Materials requisitioned and factory labor used:
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, $2,310 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 $2,250 2,750 1,820 6,170 3,920 2,860 770 $1,820 2,460 1,200 4,510 3,440 2,180 2,690 c. Factory overhead costs incurred on account, $4,300 d. Depreciation of machinery and equipment, $1,290. 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 42 32 23 73 29 27 226Explanation / Answer
Factory overhead total Job Materials labor applied 301 2,250 1,820 2100 6,170 302 2,750 2,460 1600 6,810 303 1,820 1,200 1150 4,170 304 6,170 4,510 3650 14,330 305 3,920 3,440 1450 8,810 306 2,860 2,180 1350 6,390 total 19,770 15,610 11300 46,680 Entries Description Debit Credit a. Materials 2,310 Accounts payable b. Work in process 35,380 Factory overhead 3460 Materials 20540 Wages payable 18300 c. Factory overhead 4,300 Accounts payable 4,300 d. Factory overhead 1,290 Accumulated Depreciation 1,290 e Work in process 11,300 Factory overhead 11,300 f. finished goods 25,960 work in process 25,960 g Accounts receivable 27660 Sales 26,660 cost of goods sold 17,150 finished goods 17,150 2) Work in process b 35,380 f 25,960 e 11,300 Bal 20,720 Finished goods f. 25,960 g 17,150 Bal 8,810 Schedule of Unfinished jobs job Direct Direct factory total materials labor overhead 304 6,170 4,510 3650 14,330 306 2,860 2,180 1350 6,390 Balance of work in process ,April 30 20,720 Schedule of Completed jobs job Direct Direct factory total materials labor overhead 305 3,920 3,440 1450 8,810
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