Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello, I upvote if answers are correct and organized. Journal Entries, T-Accounts Kapoor Company uses job-order costing. During January, the following data were reported: a.

Hello, I upvote if answers are correct and organized.

image text in transcribedimage text in transcribedimage text in transcribed

Journal Entries, T-Accounts Kapoor Company uses job-order costing. During January, the following data were reported: a. Materials purchased on account: direct materials, $99,500; indirect materials, $14,800. b. Materials issued: direct materials, $81,500; indirect materials, $ 8,800. c. Labor cost incurred: direct labor, $66,000; indirect labor, $24,270. d. Other manufacturing costs incurred (all payables), $46,200. e. Overhead is applied on the basis of 120 percent of direct labor cost. f. Work finished and transferred to Finished Goods Inventory cost $240,200. 9. (1) Finished goods costing $218,000 were (2) sold on account for 140 percent of cost. Make the entry to record the cost of the jobs first, followed by the entry to record the revenue from their sale. h. Any over- or underapplied overhead is closed to Cost of Goods Sold. Required: record these transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. b. d. . III III III II I II III IIIIII 1 1 1 1 f. 11 I h 2. Prepare a T-account for Overhead Control. Post the entries to the T-account in the same order in which they were journalized. If an amount is zero, enter "o". What is the ending balance in this account? Overhead Control Balance Balance 3. Prepare a T-account for Work-in-Process Inventory. Assume a beginning balance of $10,000, and post the entries to the T-account in the same order in which they were journalized. Work in Process Inventory Balance

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

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

Recommended Textbook for

Accounting

Authors: Carl S. Warren, James M. Reeve, Philip E. Fess

20th Edition

0324025424, 978-0324025422

More Books

Students also viewed these Accounting questions