Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entries and Schedules for Unfinished Jobs and Completed Jobs Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related

image text in transcribedimage text in transcribedimage text in transcribed

Entries and Schedules for Unfinished Jobs and Completed Jobs Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $31,350. b. Materials requisitioned and factory labor used: c. Factory overhead costs incurred on account, $5,860. d. Depreciation of factory machinery and equipment, $1,450. e. The factory overhead rate is $40 per machine hour. Machine hours used: f. Jobs completed: 301,302,303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301,$6,950; Job 302,$9,670; Job 303,$14,850. 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. 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 with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

How does the target cost concept differ from cost-plus approaches?

Answered: 1 week ago