Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i just need sales revenue Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs.

i just need sales revenue
image text in transcribed
image text in transcribed
Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2018 follow: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $16,700 6,000 20,500 The following transactions occurred during January (a) Purchased materials on account for $26,300. (b) Issued materials to production totaling $20,800, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials, (c) Payroll costs totaling $19,100 were recorded as follows: $11,200 for assembly workers 2,500 for factory supervision 3,000 for administrative personnel 2.400 for sales commissions (d) Recorded depreciation: $5,400 for factory machines, $1,500 for the copler used in the administrative office. (e) Recorded $1,300 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. (7) Paid $4,600 in other factory costs in cash. (9) Applied manufacturing overhead at a rate of 200 percent of direct labor cost. (h) Completed all jobs but one; the job cost sheet for the uncompleted job shows $2,400 for direct materials, $2,200 for direct labor. and $4,400 for applied overhead. 0 Sold jobs costing $50,600. The revenue earned on these jobs was $65,780. Required: 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: ateriale nonton End. Bai. 15, TUU Sales Revenue Beg. Bal. End. Bal. O

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

Horngrens Accounting The Financial Chapters

Authors: Tracie Miller Nobles, Brenda Mattison

13th Edition

0136162185, 9780136162186

More Books

Students also viewed these Accounting questions

Question

1 What is meant by systematic training?

Answered: 1 week ago