Question 2 (18 points) During January 2017, Alpha Company began & completed work

Question

Question 2 (18 points) During January 2017, Alpha Company began & completed work on its only Job No. Al. On January 2, Alpha purchased, on account, S15,800 of raw materials and placed into the work order a total of $12,000 of direct material. Alpha also used 2,000 machine hours, and employed S19,200 of direct labor costs. Alpha Company applies manufacturing overhead at a predetermined rate of S10 per machine hour used. Use this information to prepare the January 31 General Journal entries, without explanations, for the: (Round any final dollar answers to the nearest whole dollar. All journal entries except the purchase of raw material & sales will have the transaction date of January 31, 2017): 1. to purchase the raw materials 2. to record all costs used in the production of Job Al 3. to record the completion Job Al 4. to record the February 5 sales transaction, on account, of Job Al to the customer for the sales price of $75,000

Explanation / Answer

02-Jan Raw material inventory 15800                 Accounts payable 15800 31-Jan Work in progress 12000                 Raw material inventory 12000 31-Jan Work in progress 19200                 Labor payable 19200 31-Jan Work in progress 20000 (2000*10)                 manufacturing overheads 20000 31-Jan Finished goods inventory 51200                 Work in progress inventory 51200 05-Feb Accounts receivable 75000                  Sales revenue 75000 05-Feb Cost of goods sold 51200                  Merchandise inventory 51200

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