Krall Company uses a job order cost system. The following data summarize the operations related to production

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Krall Company uses a job order cost system. The following data summarize the operations related to production for June 2012, the first month of operations:

a. Materials purchased on account, $105,000.

b. Materials requisitioned and factory labor used:

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c. Factory overhead costs incurred on account, $4, 125.d. Depreciation of machinery and equipment, $2,800.e. The factory overhead rate is $38 per machine hour. Machine hours used:Job Machine Hours101 ....... 110102 ....... 114103 ....... 90104 ....... 170105 ....... 114106 ....... 124Total ..... 722f. Jobs completed: 101, 102, 103, and 105.g. Jobs were shipped and customers were billed as follows: Job 101, $39,200; Job 102, $50,400; Job 105, $35,400.Instructions1. Journalize the entries to record the summarized operations.2. Post the appropriate entries to T accounts for Work in process and Finished Goods, using the identifying letters as dates. Insert memo account balances as of the end of the month.3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.

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Related Book For  book-img-for-question

Accounting

ISBN: 9780538475006

24th Edition

Authors: Carl S Warren, James M Reeve, Jonathan Duchac

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