Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. Journalize the entries to record the summarized operations. b. Prepare a table showing the total charges for each Job and in total. c. Answer
a. Journalize the entries to record the summarized operations.
b. Prepare a table showing the total charges for each Job and in total.
c. Answer the following: (1) What is the balance of the work in process (2) What is the balance of the finished goods (3) What is the total cost of goods sold
d. Prepare the statement of cost of goods sold and determine the gross profit per job and in total. For PR2-1A, assume that sales are $1,500,000.
PR 2-1A Entries for Costs in a Job Order Cost System Obj. 2 Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: a. Materials purchased on account, $315,500. b. Materials requisitioned, $290,100, of which $8,150 was for general factory use. c. Factory labor used, $489,500 of which $34,200 was indirect. d. Other costs incurred on account for factory overhead, $600,000; selling expenses, $150,000; and administrative expenses, $100,000. e. Prepaid expenses expired for factory overhead were $18,000; for selling expenses, $6,000; and for administrative expenses, $5,000. f. Depreciation of office building was $30,000; of office equipment, $7,500; and of factory equipment, $60,000. g. Factory overhead costs applied to jobs, $711,600. h. Jobs completed, $1,425,000. i. Cost of goods sold, $1,380,000. Instructions Journalize the entries to record the summarized operationsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started