Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Help please APPLE Company uses job order costing. During January, the following data were reported: a. Materials purchased on account: direct materials, $98,500; indirect materials,

Help please
image text in transcribed
APPLE Company uses job order costing. During January, the following data were reported: a. Materials purchased on account: direct materials, $98,500; indirect materials, $14,800. b. Materials issued: direct materials, $82,500; indirect materials, $8,800. c. Labor cost incurred: direct labor, $67,000; indirect labor, $18,750. d. Other manufacturing costs incurred (all payables), $46,200. e. Overhead is applied on the basis of 110 percent of direct labor cost. f. Work finished and transferred to Finished Goods Inventory cost $230,000. g. Finished goods costing $215,000 were sold on account for 140 percent of cost. h. Any over-or underapplied overhead is closed to Cost of Goods Sold. 1. Prepare journal entries to record these transactions: 2. Prepare a T-account for Overhead Control. Post all relevant information to this account. What is the ending balance in this account? 3. Prepare a T-account for Work in Process Inventory. Assume a beginning balance of $10,000 and post all relevant information to this account. Did you assign any actual overhead costs to Work in Process Inventory? Why or why not

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