Journal Entries, T-Accounts

Lincoln Brothers Company makes jobs to customer order. During the month of May, the following occurred:

1. Materials were purchased on account for $45,620.
2. Materials totaling $40,980 were requisitioned for use in producing various jobs.
3. Direct labor payroll for the month was $25,600 with an average wage of $16 per hour.
4. Actual overhead of $8,870 was incurred and paid in cash.
5. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour.
6. Completed jobs costing $59,000 were transferred to Finished Goods.
7. Jobs costing $59,000 were sold on account for $ 73,750. 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 May 1 were:

Materials Inventory	$1,100
Work-in-Process Inventory	3,400
Finished Goods Inventory	2,620

Required:

1. Prepare the journal entries for the preceding events.

a.	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process	- Select -
	Accounts PayableAccounts ReceivableCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process		- Select -
b.	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in ProcessWork in Process	Work in Process
	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process		- Select -
c.	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process	- Select -
	Accounts PayableAccounts ReceivableCost of Goods SoldFinished GoodsMaterialsOverhead ControlWages PayableWork in Process		- Select -
d.	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process	- Select -
	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process		- Select -
e.	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process	- Select -
	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process		- Select -
f.	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process	- Select -
	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process		- Select -
g (1).	Accounts PayableAccounts ReceivableFinished GoodsMaterialsSales Revenue	- Select -
	Accounts PayableAccounts ReceivableCashCost of Goods SoldSales RevenueWork in Process		- Select -
g (2).	Accounts PayableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process	- Select -
	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process		- Select -

2. Calculate the ending balances of:

a. Materials Inventory	$fill in the blank e7d566f7f019020_1
b. Work-in-Process Inventory	$fill in the blank e7d566f7f019020_2
c. Overhead Control	$fill in the blank e7d566f7f019020_3
d. Finished Goods Inventory