10.00 points to track the cost of each customer order On March 1, OCF had two jo

Question

10.00 points to track the cost of each customer order On March 1, OCF had two jobs in process wth the tolowing costs in Pr Job 33 Job 34 on 3/1 6,000 S 13.500 s Labor Time ed and sold Job 33 $ 3,500 6.500 6,000 4 200 1,300 Job 34 Job 35 Indirect 3.250 In process 140 s 15,000 19 690 The company applies overhead to products at a rate of 150 percent of direct labor cost Required Prepare jounal entries to record the materials requisitions, labor costs, and appled ovehead. ot no entry is required for a transactionevent, select "No Journal Entry Required" in the tirs Journal entry worksheet

Explanation / Answer

ISSUANCE OF RAW MATERIALS TO PRODUCTLON Transaction General Journal Debit Credit a Work in process-Job33 $3,500 Work in process-Job34 $6,000 Work in process-Job35 $4,200 Manufacturing overhead $1,300 Raw materials inventory $15,000 DIRECT LABOR COST INCURRED BUT NOT PAID Transaction General Journal Debit Credit b Work in process-Job33 $6,500 Work in process-Job34 $7,800 Work in process-Job35 $3,250 Manufacturing overhead $2,150 Wages payable $19,700 APPLICATION OF MANUFACTURING OVERHEAD TO PRODUCTION Transaction General Journal Debit Credit c Work in process-Job33 $9,750 (1.5*6500) Work in process-Job34 $11,700 (1.5*7800) Work in process-Job35 $4,875 (1.5*3250) Manufacturing overhead $26,325

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