Question
1. Prepare journal entries to record the above data. (If no entry is required for a transaction/event, select No journal entry required in the first
1. | Prepare journal entries to record the above data. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
2. | Post your entries to T-accounts. (Dont forget to enter the opening inventory balances below.) Determine the ending balances in the inventory accounts and in the Manufacturing Overhead account. |
3. | Prepare a schedule of cost of goods manufactured. |
4. | Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Prepare a schedule of cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
5. | Prepare an income statement for the year. |
6. | Job 412 was one of the many jobs started and completed during the year. The job required $9,800 in direct materials and 30 hours of direct labor time at a total direct labor cost of $10,700. If the job contained four units and the company billed at 70% above the unit product cost on the job cost sheet, what price per unit would have been charged to the customer? |
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