Question
help me please :( Q: June 20 Record the transfer of JOB 33 to the Cost of Goods Sold account from the Raw and In-Process
help me please :(
Q: June 20 Record the transfer of JOB 33 to the Cost of Goods Sold account from the Raw and In-Process Inventory account. To determine the amount of the transfer, go to the subsidiary ledger for Raw and In-Process Inventory and find the total cost, to date, for JOB 33. Invoice Number: TRANS.
I originally answered...
COGS 29275.60
R&INPROCESS 29275.60
that answer leaves my COGS balance & raw and in process inventory short $4968
i reversed the problem on PKL wanting to do a new entry of
COGS 34,243.60
r&inprocess 34,243.60
BUT the system wont allow me journal it as such because that amount exceeds the total job cost?
how am i going to enter this journal entry? with the info i have in the pkl system?
here is the job card #33, (i reversed this entry twice)
Summerset Fencing, Incorporated
Subsidiary Ledger for Raw and In-Process Inventory
Job Card: JOB 33
------------------------------------------------------------------------
DateVendor Doc.MaterialHours RateLaborOverhead
------------------------------------------------------------------------
June 03 Beginning Balance
June 13 20500G30006,240.00
June 13 20500F20003,850.00
June 14TT57210.00 60.00600.00
June 14TT572480.00
June 14TT5734.00 48.00192.00
June 14TT573153.60
June 18 26575G30007,800.00
June 18 26575E01503,500.00
June 18 26575C07506,460.00
June 20 Transferred
June 20 Transfer Reversed
June 20 Transferred
June 20 Transfer Reversed
----------------------------------------------------------------------
Summary of Costs:
Direct Materials.... $ 27,850.00
Direct Labor........792.00
Overhead............633.60
-----------
Total Cost for Job.. $ 29,275.60
===========
----------------------------------------------------------------------
Summary of Direct Material:
DateNumberDescriptionUnitsUnit CostTotal
June 13 G3000 3 In. Sq. Tubing.09512052.006,240.00
June 13 F2000 2 Square Tubing .09510038.503,850.00
June 18 G3000 3 In. Sq. Tubing.09515052.007,800.00
June 18 E0150 1 1/2 T W Tube .05625014.003,500.00
June 18 C0750 3.4 T Wall Tube .0659506.806,460.00
---------
Total Material Cost:27,850.00
=========
----------------------------------------------------------------------
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Payroll Accounting
Authors: Bernard J. Bieg, Judith Toland
21st Edition
1111531056, 978-1111531058
