Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Job 1 total cost: $15926 Job 1 had 2000 units Job 2: 7000 units, cost of $45116 Pay period ending on 2/14 was for $5800
Job 1 total cost: $15926
Job 1 had 2000 units
Job 2: 7000 units, cost of $45116
Pay period ending on 2/14 was for $5800
Not all the information is here, I just need the general journal entries at the bottom, and the MOH closing entries.
A total of 28,400 machine hours were used in the month of February Each date listed below requires a separate journal entry and also an entry in the job cost record. Job 1 Job 2 ob 3 Date MOH is AllocatedMachine Hours Used 2/14/18 2/20/18 2/28/18 10,400 q, Part A: Preparing job cost records and Required: Using the information presented above compute the predetermined overhead rate for 2018 complete the job cost records in Packet 2. Part B: Recording direct material, direet labor and overhead costs in the general journal. Required: Make debit and credit journal entries in the General Journal in Packet 2 to record the 1) materials, 2) labor and 3) manu crhead amounts For material and labor, use the summary that are marked with a and shown above. You will have to use the machine hours shown ready computed on the job cost record) in above and multiply them by the predetermined overhead rate (al order to for the journal entries. The first entry has been provided as an example. You do not have to provide explanations get the amounts for the journal entries (three) for MOH. Note: Journal entries are typically presented in chronological order. For this part of the problem, it will be easier to make all the entries that pertain to the costs of production (product costs) in Part B and then make the entries presented in Part C below . Part C: Recording other transactions in the general journal. Packet 2 Required: Record the transactions listed below in the General Journal in Aluminum pucks, lids and indirect materials were purchased on account for $105,000, delivered, and placed into storage. Feb 1, 2018 Raw materials with a cost of $1,200 were requisitioned for use and moved to the plant production area. The materials were all indirect materials. Feb 6, 2018 Job I was completed and moved to finished goods storage. Hint: The cost of the completed job is on the job cost record for Job 1. Feb 14, 2018 Job I was sold on account for a price of $18.00 per water bottle. Hint: Remember to make two journal entries: one to record the sale and one to record the cost of the sale. Feb 18, 2018 Lynn attended a regional trade show to promote Wonderful Water bottles. The cost of travel to, and registration for, the show was $2,250. The cost of the trip was paid in cash. Feb 19, 2018 Job 2 was completed and transferred into the finished goods storage area. Feb 20, 201S Wages payable for the pay period ending on 2/14 were paid in cash. Hint: Look at the journal entry to record direct labor that you made on 2/14 in Part B. Feb 21, 2018Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started