Fill in the blanks.
Farm Equipment, Inc., produces tractors and other farm machinery. Each piece of equipment is built to customer specifications. During May, its first month of operations, Farm Equipment, Inc., began working on three customer orders: jobs 1, 2, and 3. The following transactions occurred during May:
Calculate the production costs incurred in May for each of the three jobs. (Answers must be entered as numbers only. No spaces, dollar signs, commas, decimals, etc. Example: 50000)
Fill in the blanks. Farm Equipment, Inc., produces tractors and other farm machinery. Each piece of equipment is built to customer specifications. During May, its first month of operations, Farm Equipment, Inc., began working on three customer orders: jobs 1, 2, and 3. The following transactions occurred during May: Calculate the production costs incurred in May for each of the three jobs. (Ansvers must be entered as numbers only. No spaces, dollar signs, commas, decimals, etc. Example: 50000) Job 3 Job 1 Job 2 Total S S $161,200 Direct Materials S $33,100 Direct Labor S Manufacturing Overhead $52,960 $116,080 $69,280 $61,900 $247,260 Total Cost Per Job: Using the previous information, make the appropriate journal entry for each item described above. Assume all payments will be made next month. You will use the following accounts at least once: Raw Materials Inventory, Accounts payable, WIP Inventory, Manufacturing Overhead, Raw Materials Inventory, Wages Payable. (Answers must be entered as numbers only. No spaces, dollar signs, commas, decimals, etc. Example: 50000) $450,000 05/01/20XX $450,000 Purchased Production Materials on Account 05/XX/20XX WIP Inventory Manufacturing O/head Raw materials Inventory $248,200 Transfer Raw Materials into WIP 05/XX/20XX WIP Inventory Manufacturing Overhead Wages Payable $42,800 Apply labor costs to Inventory WIP Inventory $52,960 05/01/20XX Manufacturing Overhead $52,960 Apply Man. Overhead to Inventory costs Fill in the blanks. Farm Equipment, Inc., produces tractors and other farm machinery. Each piece of equipment is built to customer specifications. During May, its first month of operations, Farm Equipment, Inc., began working on three customer orders: jobs 1, 2, and 3. The following transactions occurred during May: Calculate the production costs incurred in May for each of the three jobs. (Ansvers must be entered as numbers only. No spaces, dollar signs, commas, decimals, etc. Example: 50000) Job 3 Job 1 Job 2 Total S S $161,200 Direct Materials S $33,100 Direct Labor S Manufacturing Overhead $52,960 $116,080 $69,280 $61,900 $247,260 Total Cost Per Job: Using the previous information, make the appropriate journal entry for each item described above. Assume all payments will be made next month. You will use the following accounts at least once: Raw Materials Inventory, Accounts payable, WIP Inventory, Manufacturing Overhead, Raw Materials Inventory, Wages Payable. (Answers must be entered as numbers only. No spaces, dollar signs, commas, decimals, etc. Example: 50000) $450,000 05/01/20XX $450,000 Purchased Production Materials on Account 05/XX/20XX WIP Inventory Manufacturing O/head Raw materials Inventory $248,200 Transfer Raw Materials into WIP 05/XX/20XX WIP Inventory Manufacturing Overhead Wages Payable $42,800 Apply labor costs to Inventory WIP Inventory $52,960 05/01/20XX Manufacturing Overhead $52,960 Apply Man. Overhead to Inventory costs
