Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: a. Materials were purchased on account

image text in transcribedimage text in transcribedimage text in transcribed

Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: a. Materials were purchased on account for $45,760. b. Materials totaling $40,980 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $19,200 with an average wage of $12 per hour. d. Actual overhead of $8,850 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour. f. Completed jobs costing $59,000 were transferred to Finished Goods. g. Jobs costing $59,000 were sold on account for $ 73,850. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs. Beginning balances as of July 1 were: Materials Inventory $1,300 Work-in-Process Inventory 3,400 Finished Goods Inventory 2,640 Required: 1. Prepare the journal entries for the preceding events. Materials a. Accounts Payable Work in Process b. Materials Work in Process C. Wages Payable d. Overhead Control Cash Work in Process e. Overhead Control f. Finished Goods Work in Process g (1). Accounts Receivable Sales Revenue Cost of Goods Sold g (2). Finished Goods Feedback 2. Calculate the ending balances of: a. Materials Inventory $ b. Work-in-Process Inventory $ c. Overhead Control $ d. Finished Goods Inventory $

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

Auditing The Art And Science Of Assurance Engagements

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan, Joanne C. Jones

15th Canadian Edition

0136692087, 9780136692089

More Books

Students also viewed these Accounting questions

Question

What reward policy would you suggest to the university?

Answered: 1 week ago