Answered step by step
Verified Expert Solution
Question
1 Approved Answer
GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Sweet Company shows the following costs for three jobs worked on in April.
GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Sweet Company shows the following costs for three jobs worked on in April. Additional Information a. Raw Materials Inventory has a March 31 balance of $89,500. b. Raw materials purchases in April are $503,800, and total factory payroll cost in April is $383,900. c. Actual overhead costs incurred in April are indirect materials, $51,900; indirect labor, $24,900; factory rent, $33,900; factory utilities, $20,900; and factory equipment depreciation, $54,800. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $640,000 cash in April. Complete this question by entering your answers in the tabs below. Prepare journal entries for the month of April's transactions. Prepare journal entries for the month of April's transactions. Journal entry worksheet k. Record the close underapplied or overapplied overhead to the Cost of Goods Sold account. Note: Enter debits before credits. Prepare journal entries for the month of April's transactions. Tnirnal ontry wnrkcheot Note: Enter debits before credits. Prepare journal entries for the month of April's transactions. Tnirnal antry winrkahoot Note: Enter debits before credits. Prepare journal entries for the month of April's transactions. Journal entry worksheet h. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits. Journal entry worksheet g. Record the actual other overhead costs incurred. (Factory rent and utilities are paid in cash.) Note: Enter debits before credits. Journal entry worksheet f. Record the overhead costs applied to Work in Process Inventory. Note: Enter debits before credits
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started