Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Do F5-9 question, should in hand written The following job order cost detail pertains to the three jobs that were in process at the Westwood

Do F5-9 question, should in hand writtenimage text in transcribed

The following job order cost detail pertains to the three jobs that were in process at the Westwood Company during January. Prepare the appropriate journal entry to record each of the following January transactions: Direct materials were issued from the materials storeroom to work in process. The payroll was distributed to work m process. Factory overhead was applied to production for the period. Job orders 66 and 67 were completed and transferred to the finished goods storeroom. Wayne Company's July transactions included the following: Purchased materials on account cost $35,000. Requisitions for $8,000 of direct materials and $2,000 of indirect materials were filled from the storeroom. Factory payroll totaling $9, 400 consisted of $7, 600 direct labor and $1, 800 indirect labor. Depreciation of $1, 200on factory equipment was recorded. A job order was completed with $1, 830 of direct labor and $, 1450 of materials previously charged to the order. Factory overhead is to he applied at 66 2/3% of direct labor cost. Miscellaneous factory overhead of $1.250 was accrued. The job order referred to in transaction was shipped to Dixon Associates, who were billed for $5, 400 Prepare journal entries to record the transactions. The McCloud Company had the following inventories at the beginning and end of January: During January, the cost of materials purchased was $138,000, and factory overhead of $90,000 was applied at a rate of 50% of direct labor cost. January cost of goods sold was $205,000. Prepare completed T accounts showing the flow of the cost of goods manufactured and sold

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

IS Audit And Control For Accountants

Authors: Mr Amir Manzoor

1st Edition

1493665006, 978-1493665006

More Books

Students also viewed these Accounting questions