Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete
Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below.. Assume the company bids its pools at total manufacturing cost plus an additional 35 percent. Job Cost Sheet Job Number: 1324 Date Started: 7/8/2018 Date Completed: 8/30/2018 Description: Drayna Pool Direct Materials Applied Direct Labor Req. No Amount Ticket Hours Amount Manufacturing Overhead Hours Rate Amount MR 3345 $1,570 TT 335 39 $ 807.30 MR 3372 910 TT 340 34 703.80 MR 4251 1,3401 TT 385 38 786.60 MR 4263 1,680) TT 385 26 538.20 MR 5236 2,020 TT 425 31 641.70 $7,520 168 $3,477.60 2 P Cost Summary Direct Materials Cost Direct Labor Cost Applied Manufacturing Overhead Total Cost $7,520.00 3,477.60 7 The company applies overhead to jobs at a rate of $10.35 per direct labor hour Required: Prepare journal entries to record cost of goods sold and sales revenue for Job 1324. Assume the total cost of Job 1324 is currently in Required: Prepare journal entries to record cost of goods sold and sales revenue for Job 1324. Assume the total cost of Job 1324 is currently in the Finished Goods Inventory Account and that the Draynas paid for the pool with cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet
Step 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