, Journul entries; cost flows) Excellent Components began 2006 with three jobs in process:

During 2006, the following transactions occurred:
1. The firm purchased and paid for $542,000 of raw material.
2. Factory payroll records revealed the following:
• Indirect labor incurred was $54,000.
• Direct labor incurred was $602,800 and was associated with the jobs as follows:

3. Material requisition forms issued during the year revealed the following:
• Indirect material issued totaled $76,000.
• Direct material issued totaled $466,400 and was associated with jobs as follows:

4. Overhead is applied to jobs on the basis of direct labor cost. Manage ment budgeted overhead of $240,000 and total direct labor cost of $600,000 for 2006. Actual total factory overhead costs (including indirect labor and Indirect material) for the year totaled $244,400. 5. Jobs #247 through #255 were completed and delivered to customers C.O.D. The revenue on these jobs was $2,264,774.

a. Prepare journal entries for all preceding events.

b. Determine ending balances for jobs still in process.

c. Determine cost of jobs completed, adjusted for underapplied or overap- plied overhead.LO1.

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Job No. Direct Material 247 251 $ 77,200 176,600 253 145,400. Totals $399,200 TYPE OF COST Direct Labor $91,400 209,800 169,600 $470,800 Overhead $ 34,732 79,724 64,448 $178,904 Total $ 203,332 466,124 379,448 $1,048,904