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Can someone please help with this problem? Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of
Can someone please help with this problem?
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $ 4,800 5,000 $9,800 Source documents revealed the following during March: Materials Requisitions Labor Time Forms Tickets Status of Job at Month-End Job 33 $ 3,300 $5,300 Completed and sold Job 34 2,200 4,000 Completed, but not sold Job 35 4,600 3,700 In process Indirect 600 2,400 $ 10,700 $ 15,400 The company applies overhead to products at a rate of 70 percent of direct labor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the issuance of raw materials to production. Note: Enter debits before credits. Transaction General Journal Debit Credit Work in Process Inventory 10,100 600 (Manufacturing Overhead Raw Materials Inventory 10.700 Record entry Clear entry View general journal Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $4,800 5,000 $9,800 Source documents revealed the following during March: Materials Requisitions Labor Time Forms Tickets Status of Job at Month-End Job 33 $ 3,300 $5,300 Completed and sold Job 34 2,200 4,000 Completed, but not sold Job 354 ,600 3,700 In process Indirect 600 2,400 $10,700 $ 15,400 The company applies overhead to products at a rate of 70 percent of direct labor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheetStep by Step Solution
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