Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

for some reason I cannot get the jurnolizing right the numbers are correct for each job... Indirect labor $ 9,700 Applied overhead using a predetermined

image text in transcribed

for some reason I cannot get the jurnolizing right the numbers are correct for each job...

image text in transcribed

Indirect labor $ 9,700 Applied overhead using a predetermined rate of 160 percent of direct labor cost Completed job 1 and transferred it to finished goods Delivered job I to the customer and billed her $140,000. (Hint: Two entries are requiredone for the cost of the goods and another for the revenue.) Required: 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) Job 1 Job 2 Job 3 Total 77,600 38,600 45.00 Direct Materials $#a# $## $/#g# Direct Labor $/## $/## $## 00 00 00 DDD Manufacturing 2$/#c# $/#f#1 $/#i#/ Overhead Total Cost Per Job: $116,080 $69.280 $61,900 $161,200 $33,100 $52,960 $247.260 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) Journalize the entries. Refer to page the etextbook beginning on page 30. 05/01/20XX/#j#1 Row Materals $450,000 #k#1 $450,000 Purchased Production Materials on Account $/## llol,200 05/XX/20XX WIP Inventory Manufacturing O/head $## 161,230 Raw materials Inventory $248,200 05/XX/20XX WIP Inventory Manufacturing O/head $/#1# Ilol,200 $/#m#1 /1/290 $248,200 Raw materials Inventory Transfer Raw Materials into WIP 248,200 05/XX/20XX WIP Inventory $/#n#1 2urner Manufacturing Overhead $/#o#/ $42,800 Wages Payable Apply labor costs to Inventory 05/01/20XX WIP Inventory $52,960 Manufacturing Overhead Apply Man. Overhead to Inventory costs $52,960

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

=+b) What might you consider doing next?

Answered: 1 week ago