Sunland Manufacturing uses a job order cost system. On April 1, the company has Work in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Sunland Manufacturing uses a job order cost system. On April 1, the company has Work in Process Inventory of $7,130 and two jobs in process: Job No. 221, $3,370, and Job No. 222, $3,760. During April, a summary of source documents reveals the following: Materials Requisition Labor Time Tickets For Slips Job No. 221 $1,100 $1,960 222 1,570 2,040 223 2,270 2,740 224 2,430 2,660 General use 550 390 Totals $7,920 $9,790 Sunland applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month. (a) Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Sunland Manufacturing uses a job order cost system. On April 1, the company has Work in Process Inventory of $7,130 and two jobs in process: Job No. 221, $3,370, and Job No. 222, $3,760. During April, a summary of source documents reveals the following: Materials Requisition Labor Time Tickets For Slips Job No. 221 $1,100 $1,960 222 1,570 2,040 223 2,270 2,740 224 2,430 2,660 General use 550 390 Totals $7,920 $9,790 Sunland applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month. (a) Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Expert Answer:
Answer rating: 100% (QA)
Answer To prepare the summary journal entries we need to record the raw materials requisitioned fact... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
bok ences WILDL IS THE Daidi Alldi ravduit autou on January 31 ! Required information 12 was any Cream Caru rayavie incurred during the month of January! Complete this question by entering your...
-
What 3 options do you have when allocating employee wages to expense accounts?
-
TranscribedText: Selected transactions for Ivanhoe Ltd. during its first month of operations are presented below: Mar. 2 Issued commonshares for $11,500 cash. 4 Purchased used car for $1,900 cash and...
-
where a bank's liabilities can be withdrawn in the short-term while its assets are being repaid in the long-term.
-
The reaction N2 + O2 2NO occurs in internal combustion engines. Determine the equilibrium mole fraction of NO when the pressure is 101 kPa and the temperature is 1800 K.
-
A crystal growth furnace is used in research to determine how best to manufacture crystals used in electronic components for the space shuttle. For proper growth of the crystal, the temperature must...
-
What is the difference between an operating lease and a financial lease? (Lo1)
-
As of January 1, 2017, Aristotle Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2017, you obtain the following...
-
After - Tax Cash Flows: Final Disposal At the end of the life of the project, there are two major sources of cash: ( 1 ) release of working capital and ( 2 ) preparation, removal, and sale of the...
-
Table 1 shows Apple's online orders for the last week. When shoppers place an online order, several "recommended products" (upsells) are shown as at checkout an attempt to upsell See table 2 in cell...
-
Safari File Edit View History Bookmarks Window Help BACK Course Hero online.fullsail.edu Full Sail One 1.5 - Assignment 1: Exploring Data 1.5 - Assignment 1: Exploring Data - Cont... DOCX Theodore...
-
The piston diameter of a certain hand pump is 0.5 inch. The manager determines that the diameters are normally distributed, with a mean of 0.5 inch and a standard deviation of 0.004 inch. After...
-
Bond valuation Lahey Industries has outstanding a $1,000 par-value bond with an 8% coupon interest rate. The bond has 12 years remaining to its maturity date. a. If interest is paid annually, find...
-
executed: The following C program creates child processes when #include #include int main() { printf ("Start "): for (int k-1; k
-
Explain the implications of variances in international tax laws on organizational strategy. You will also explain how foreign currency transactions impact financial statement creation in accordance...
-
Imagine that you are the supervisor of the transcription group of the health information services department at Community Hospital. Your crew consists of several transcriptionists who handle, in...
-
Use both the TVM equation and a financial calculations. 1) an initial 300 compounded for 10 years at 3 percent 2) An initial 300 compounded for 10 years at 6 percent 3) the present value of of 300...
-
Suppose you won a financial literacy competition and are given FJS10000 to invest, with the condition that investment can be done either in, i) Invest in Unit trust of Fiji or Invest in Fijian...
-
Materials inventory shortage; returns; scrap; spoiled goods An examination of Slurpy Corporation's records reveals the following transactions: Required: Record the entries for each transaction. a. On...
-
JIT and cost control Buskin Bolts, Inc. produces 50,000 units each day and the average number of units in work in process is 200,000. The average annual inventory carrying cost percentage is 20% and...
-
Spoiled goods; loss charged to factory overhead; loss charged to job One of the tennis racquets that Game-Set-Match manufactures is a titanium model (Power Crunch) that sells for $149. The cost of...
Study smarter with the SolutionInn App