Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help Chapter 19: Job Order Costing System Review Requirements 1 Record the everes in the general journal 2 Open T-Accounts for Work in

image text in transcribed

I need help

Chapter 19: Job Order Costing System Review Requirements 1 Record the everes in the general journal 2 Open T-Accounts for Work in Process Inventory &Finished Goods inventory, Post the appropriate entries to theve accounts, identifying each entry by letter. Determine the endr account balances, assuming that the beginning balances were sero 3 Add the costs of the unfinished houses, and show that this total amount equais the ending balance in the WIP inwentory account. 4> Add the costs of the completed house that has not yet been sold-and show that this equals the ending balance in FG inventory s> Compute gross profit on the house that was sold Rosdrunner Construction, Inc, is a home builder in Westem Kansas. Roadrunner Construction uses s job order costing systemm in which each house is a job. Because it constructs houses, the company uses accounts titled Construction Wages & Construction Overhead. The foliowing events occurred during Purchased materials on account, $640,000 b. Incurred construction wages of $280,000 c. Requisitioned direct materials and used direct labor in construction as follows: 557,000 $63,000 $66,000 $81,000 Direct Labor $40,000 $35,000 $54,000 559000 House 302 House 803 House 805 d. Depreciation of construction equipmens, 57,200 e. Other overhead costs incurred on houses 802 through Bos Indirect Labor Equipment rentals paid in cash Worker liability insurance expired $77,000 $35,000 $10,000 f. Allocated overhead to jobs at the predetermined rate of 75% of direct labor costs 8 Houses completed: 802, 804 h. House sold: 804 for $290,000 i. Close out construction overhead

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_2

Step: 3

blur-text-image_3

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

Principles of Cost Accounting

Authors: Edward J. Vanderbeck

16th edition

9781133712701, 1133187862, 1133712703, 978-1133187868

More Books

Students also viewed these Accounting questions

Question

How does the Proposition I equation differ between the two models?

Answered: 1 week ago