Sinatra Industries, Inc., uses a job order cost system. The following data summarize the operations related to

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Sinatra Industries, Inc., 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, $32,760.

b. Materials requisitioned and factory labor used:

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c. Factory overhead costs incurred on account, $6,300.d. Depreciation of machinery and equipment, $2,200.e. The factory overhead rate is $58 per machine hour. Machine hours used:

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f. Jobs completed: 301, 302, 303, and 305.g. Jobs were shipped and customers were billed as follows: Job 301, $9,150; Job 302, $12,350; Job 303, $16,600.1. 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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Accounting

ISBN: 9780538475006

24th Edition

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

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