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I need some Assistance with these if you can show me the steps Computing costs of jobs, preparing Journal entries and making correction of over
I need some Assistance with these if you can show me the steps
Computing costs of jobs, preparing Journal entries and making correction of over or under allocation of MOH Rishi Inc. provides the following production information for August: Rishi was working on three jobs during August: Job 21, 22 and 23 . The job costs sheets of these jobs shows the following information. Rishi applies overhead based on the direct labor costs using a predetermined overhead rate of 110% of the direct labor costs. MOH account at the beginning of August was zero. During August, Job 21 and 22 was completed and Job 21 was sold for $28,000 on account. Complete the iob costs sheets using the template below: Compute the over or under-applied MOH balance at the end of August using the T-Account below: Provide journal entries to record the following: i) Purchase of raw material inventory, ii) Use of direct material costs, iii) Incurring direct labor costs, iv) Application of MOH, v) Incurring actual MOH, vi) Completion of Jobs 21 and 22 and vii) Sales and delivery of Job 21 to the customer. viii) Closing MOH balance to COGS accountStep by Step Solution
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