acg 2071

ACG 2071 Managerial Accounting Job Order Costing Systems Minicase JOB ORDER COSTING: Radical Jets produces and sells custom built jets for corporate and personal use. The following information was found in the general ledger: Account Beginning Balance Materials inventory $50,000 Goods in process $200,000 Finished Goods $325,000 Current jobs: Job No. Direct Materials Direct Labor 2145 $9,000 $8,000 $10,000 2147 $7,500 $9,000 2148 $6,000 $7,500 2150 $5,000 $7,000 Indirect $4,300 Total Costs $12,000 2146 Factory Overhead $3,600 Totals Factory overhead is applied based on direct labor costs. The company estimates that factory overhead is $136,500. Required: 1. 2. 3. 4. 5. 6. 7. Record the entry for the purchase of $34,000 in materials on account. Record the entry for the requisition of materials Record the entry for labor Record the application of factory overhead Record the completion of jobs: 2145, 2146, and 2147. Record the sale of job 2145 for $50,000. What are the ending balances for the three inventory accounts? Use excel to complete the work. Template attached