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Job Cost Journal Entries and T Accounts 1 . Materials purchased on account, $ 9 2 , 8 0 0 . 2 . Amounts of
Job Cost Journal Entries and T Accounts Materials purchased on account, $ Amounts of materials requisitioned and foundry labor used: Job Materials Foundry Labor $ $ Indirect materials Indirect labor Summarized data for the first months operations of Dobson Welding Foundry are presented below. A job order costing system is used. Foundry overhead is applied at the rate of of direct labor costs. Miscellaneous foundry overhead incurred: Prepaid foundry insurance written off $ Property taxes on foundry building accrued Foundry utilities payable accrued Depreciation on foundry equipment Other costs incurred on account Ending workinprocess consisted of Jobs and Jobs and and onehalf of Job were sold on account for $ $ and $ Required: a Prepare general journal entries to record the summarized transactions for the month, and post appropriate entries. b Post entries using the appropriate Taccounts provided and determine the ending balances of any accounts necessary. c Prepare schedules of jobs in ending workinprocess and jobs in ending finished goods to confirm that they agree with the related control accounts. Journal entries Taccounts Schedules General Journal Ref. Description Debit Credit Answer Answer To record purchase of materials. Answer Answer Answer To record requisition of materials. Answer Answer Answer To record employee wages. Answer Answer To apply foundry overhead. Answer Answer Answer Answer Answer Answer To record other foundry overhead. Answer Answer To record completion of jobs. Answer Answer To record cost of goods sold. Answer Answer To record sale of jobs. Note: For TAccounts that require entries for materials MAT labor LBR and overhead OH enter your answers in that order as marked: MAT, DL and OH on the appropriate side of the Taccount. Note: Enter all other amounts use the first available space on the appropriate side of the Taccount. Note: Not all answer fields will be used. Leave unused answer fields blank. Materials Inventory Answer Answer Answer Answer Wages Payable Answer Answer Answer Answer Foundry Overhead MAT Answer Answer LBR Answer Answer OH Answer Answer Work in Process Inventory MAT Answer Answer LBR Answer Answer OH Answer Answer Bal. Answer Finished Goods Inventory Answer Answer Answer Answer Bal. Answer Cost of Goods Sold Answer Answer Answer Job MAT Answer Answer LBR Answer Answer OH Answer Bal. Answer Job MAT Answer Answer LBR Answer Answer OH Answer Bal. Answer Job MAT Answer Answer LBR Answer Answer OH Answer Bal. Answer Job MAT Answer Answer LBR Answer Answer OH Answer Bal. Answer Job MAT Answer Answer LBR Answer Answer OH Answer Bal. Answer Job MAT Answer Answer LBR Answer Answer OH Answer Bal. Answer Note: Select and enter amnounts for the appropriate jobs and total for each table. Ending work in process inventory: Answer Answer Answer Ending finished goods inventory: Answer Answer Answer
Job Cost Journal Entries and T Accounts
Materials purchased on account, $
Amounts of materials requisitioned and foundry labor used:
Job Materials Foundry Labor
$ $
Indirect materials
Indirect labor
Summarized data for the first months operations of Dobson Welding Foundry are presented below. A job order costing system is used.
Foundry overhead is applied at the rate of of direct labor costs.
Miscellaneous foundry overhead incurred:
Prepaid foundry insurance written off $
Property taxes on foundry building accrued
Foundry utilities payable accrued
Depreciation on foundry equipment
Other costs incurred on account
Ending workinprocess consisted of Jobs and
Jobs and and onehalf of Job were sold on account for $ $ and $
Required:
a Prepare general journal entries to record the summarized transactions for the month, and post appropriate entries.
b Post entries using the appropriate Taccounts provided and determine the ending balances of any accounts necessary.
c Prepare schedules of jobs in ending workinprocess and jobs in ending finished goods to confirm that they agree with the related control accounts.
Journal entries
Taccounts
Schedules
General Journal
Ref. Description Debit Credit
Answer
Answer
To record purchase of materials.
Answer
Answer
Answer
To record requisition of materials.
Answer
Answer
Answer
To record employee wages.
Answer
Answer
To apply foundry overhead.
Answer
Answer
Answer
Answer
Answer
Answer
To record other foundry overhead.
Answer
Answer
To record completion of jobs.
Answer
Answer
To record cost of goods sold.
Answer
Answer
To record sale of jobs.
Note: For TAccounts that require entries for materials MAT labor LBR and overhead OH enter your answers in that order as marked: MAT, DL and OH on the appropriate side of the Taccount.
Note: Enter all other amounts use the first available space on the appropriate side of the Taccount.
Note: Not all answer fields will be used. Leave unused answer fields blank.
Materials Inventory
Answer
Answer
Answer
Answer
Wages Payable
Answer
Answer
Answer
Answer
Foundry Overhead
MAT Answer
Answer
LBR Answer
Answer
OH Answer
Answer
Work in Process Inventory
MAT Answer
Answer
LBR Answer
Answer
OH Answer
Answer
Bal. Answer
Finished Goods Inventory
Answer
Answer
Answer
Answer
Bal. Answer
Cost of Goods Sold
Answer
Answer
Answer
Job
MAT Answer
Answer
LBR Answer
Answer
OH Answer
Bal. Answer
Job
MAT Answer
Answer
LBR Answer
Answer
OH Answer
Bal. Answer
Job
MAT Answer
Answer
LBR Answer
Answer
OH Answer
Bal. Answer
Job
MAT Answer
Answer
LBR Answer
Answer
OH Answer
Bal. Answer
Job
MAT Answer
Answer
LBR Answer
Answer
OH Answer
Bal. Answer
Job
MAT Answer
Answer
LBR Answer
Answer
OH Answer
Bal. Answer
Note: Select and enter amnounts for the appropriate jobs and total for each table.
Ending work in process inventory:
Answer
Answer
Answer
Ending finished goods inventory:
Answer
Answer
Answer
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