Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a . Materials purchased on account, $ 3 1 , 2 5 0 . b . Materials requisitioned and factory labor used: table [

a. Materials purchased on account, $31,250.
b. Materials requisitioned and factory labor used:
\table[[Job,Materials,Factory L
Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations:
a. Materials purchased on account, $31,250.
b. Materials requisitioned and factory labor used:
\table[[Job,Materials,Factory Labor],[301,$2,910,$2,680abor],[301,$2,910,$2,680
a. Materials purchased on account, $31,250.
b. Materials requisitioned and factory
labor used:
\table[[Job,Materials,Fa
ctory Labor],[301,$2,910,$2,680
F. Jobs completed 301,302,303 and 305
g, jobs were shipped and customers wete billed as follows job301,$8,390, job 302,$10,860 hob 303,$15,380
required
1.entries to record the summarized operation record each times items a through F as an individual entry on December 31 record item G as two entries.
2. Post the appropriate entries to T accounts for work and process and finish goods using that identifying letters as transaction codes. Insert memo account balance as of the end of the month.
3.prepare is schedule of unfinished jobs to support the balance in the work process account.
4. Prepare a schedule of completed jobs on hand, support the balance in the finished goods account.
image text in transcribed

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

Financial Accounting A Global Perspective

Authors: Rod Monger

1st Edition

0470518405, 978-0470518403

More Books

Students also viewed these Accounting questions