Question
Beginning Balances:Cash 50,000.00 Job 24 Job 27 Job 33Raw Materials Inventory 24,000.00 Direct Materials 10,250.00 35,000.00Work-in-Process Inventory 79,700.00 Direct Labor 9,000.00 17,500.00Finished Goods 17,500.00 Manufacturing
Beginning Balances:Cash 50,000.00 Job 24 Job 27 Job 33Raw Materials Inventory 24,000.00 Direct Materials 10,250.00 35,000.00Work-in-Process Inventory 79,700.00 Direct Labor 9,000.00 17,500.00Finished Goods 17,500.00 Manufacturing Overhead 2,700.00 5,250.00Finished Goods 17,500.001. Direct Materials were transferred to the specific jobs:Job 27 2,000.00Job 33 3,200.00Job 34 4,600.00Job 35 2,000.002. Payroll was paid:Job 27 3,000.00Job 33 4,500.00Job 34 5,900.00Job 35 1,600.00Indirect 4,200.003. Job 24 is sold for cash for $24,500.004. Property taxes of $750.00 were paid5. Truck and delivery costs of $670.00 were paid6. Advertising costs of $1,200.00 were paid7. Administrative costs of $975.00 were paid8. Raw Materials of $6,700.00 were purchased and paid for9. Direct Materials were transferred to the specific jobs:Job 34 7,200.00Job 35 3,500.00Indirect 1,450.0010. Manufacturing overhead was allocated to Work-in-Processusing direct labor costs as the cost driver11. Jobs 27 and 33 are transferred to Finished Goods12. Job 33 is sold for cash for $90,000.00
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