Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

image text in transcribed

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 account

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Markets Products And Marketing

Authors: David Parmerlee

1st Edition

0658001337, 978-0658001338

More Books

Students also viewed these Accounting questions

Question

5-9. What is the role of a companys board of directors?

Answered: 1 week ago

Question

5.1 Describe how psychologists define motivation. (APA 1.1)

Answered: 1 week ago