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Kaymer Industries Inc. uses a The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on
Kaymer Industries Inc. uses a The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $28,610. b. and factory labor used: c. Factory overhead costs incurred on account, $5,710. d. Depreciation of factory machinery and equipment, $1,910. e. The factory overhead rate is $55 per machine hour. Machine hours used: f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301,$8,520; Job 302, $10,770; Job 303 , $15,650. when a credit amount is entered. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions list for the exact wording of the answer choices for text entries
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