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Can you help with the following accounting example? Please, use table spreadsheet for better understanding. Entries and schedules for unfinished jobs and completed jobs Davidson,
Can you help with the following accounting example?
Please, use table spreadsheet for better understanding.
Entries and schedules for unfinished jobs and completed jobs Davidson, Inc.uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: A. Materials purchased on account, $45,000. B. Materials requisitioned and factory labor use Job 301 302 303 304 305 306 For general factory use Materials Factory labor $1,943 $2,625 $3,308 $7,581 $2,310 $5,618 $1,890 $2,520 $4,442 $6,536 $1,859 $3,045 $1,260 $5,250 C. Factory overhead incurred on account, $1,800. D. Depreciation of machinery and equipment, $2,500 E. The factory overhead rate is $30 per machine hour. Machine hours used. Job 301 302 303 304 305 306 Total Machine hours 25 55 36 58 65 31 270 F. Jobs completed: 301, 302, 303, and 305 G. Jobs were shipped and customers were billed as follows: Job 301, $8,500; Job 302, $16,150; Job 303, $13,400 Instructions: A Journalize the entries to record the summarized operations. B. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. C. Prepare a schedule of unfinished jobs to support the balance in the work in process account. D. Prepare a schedule of completed jobs on hand to support the balance in the finished goods accountStep by Step Solution
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