Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A manufacturer reports the following for June. Materials requisitions, direct materials: Job 240, $51,200; Job 241, $39,200; Job 242, $45,200. Materials requisitions, indirect materiais: $15,200.

image text in transcribed
image text in transcribed
A manufacturer reports the following for June. Materials requisitions, direct materials: Job 240, $51,200; Job 241, $39,200; Job 242, $45,200. Materials requisitions, indirect materiais: $15,200. Time tickets, direct labor: Job 240, $43,200; Job 241, $33,200;Job242,$38,200. Time tickets, indirect labor: $28,200. Overhead is applied using a predetermined overhead rate of 190% of direct labor cost. Transferred Job 240 and Job 242 to Finished Goods Inventory. Sold Job 240 for $332,000 on credit. Complete this question by entering your answers in the tabs below. Complete the job cost sheets for Jobs 240,241 , and 242. A manufacturer reports the following for June. Materials requisitions, direct materials: Job 240, \$51,200; Job 241, \$39,200; Job 242, \$45,200. Materials requisitions, indirect materials: $15,200. Time tickets, direct labor. Job 240, \$43,200; Job 241, \$33,200; Job 242, \$38,200. Time tickets, indirect labor: $28,200. Overhead is applied using a predetermined overhead rate of 190% of direct labor cost. Transferred Job 240 and Job 242 to Finished Goods inventory. Sold Job 240 for $332,000 on credit. Complete this question by entering your answers in the tabs below. b. Record the entry for the transfer of cost of completed jobs to finished goods inventory. c. Record the entry for the sale of Job 240 on credit. d. Record the entry for the cost of goods sold for Job 240. Journal entry worksheet Record the entry for the transfer of cost of completed jobs to finished goods inventory. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Preliminary Audit Results Montanas State Employee Compensation 1990

Authors: Waters Consulting Group, Montana. State Employee Compensation Committee

1st Edition

1378152700, 978-1378152706

More Books

Students also viewed these Accounting questions

Question

d. How were you expected to contribute to family life?

Answered: 1 week ago