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 $45,760.
2. Materials totaling $40,880 were requisitioned for use in producing various jobs.
3. Direct labor payroll for the month was $19,200 with an average wage of $12 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 $58,000 were transferred to Finished Goods.
7. Jobs costing $58,000 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:

Question Content Area

1. Prepare the journal entries for the preceding events.

a.	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process
	Accounts PayableAccounts ReceivableCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process
b.	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsOverhead ControlWork in Process	- Select -
	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 -

Question Content Area

2. Calculate the ending balances of:

a. Materials Inventory	$fill in the blank e7b5a8f5f017012_1
b. Work-in-Process Inventory	$fill in the blank e7b5a8f5f017012_2
c. Overhead Control	$fill in the blank e7b5a8f5f017012_3
d. Finished Goods Inventory	$fill in the blank e7b5a8f5f017012_4