Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Managerial Accounting. I did a and b but I need to do the rest. She has us put the letter next to the $ amount

Managerial Accounting. I did a and b but I need to do the rest. She has us put the letter next to the $ amount under the correct category like I did for a&b. Both my professor and my tutor are unavailable for help, please let me know if you can figure this out!
image text in transcribed
image text in transcribed
T-account HW: Enter the transactions into the appropriate t-accounts and include a letter for each entry. Turn in a paper copy at the start of class Tuesday Feb 9 a. Beginning balances: Raw Materials inventory = $3,500Finished goods: 52.000 b. Purchased 518,000 of materials on account c. Requisitioned $24,000 of direct materials (50% Job #1;30% Job 2 and 20% Job 13) and $2.000 of supplies into production 50 200 d. Direct labor cost incurred of $10.000 (53,000 Job #1. $2.000 Job 12. $5,000 Job #3) 30. e. Indirect labor costs incurred were $2.000 f. Repairs and maintenance on the factory was done for cash $5400 g. Other manufacturing costs incurred during the month were $1.400 an account. h. Manufacturing overhead is applied to production at 135% of direct labor cost. 1. Jobs #1 and #2 were completed. J. Job #1 was sold and shipped to the customer. The customer was billed $43,000 k. Received bill for shipping Job #1 $800. 1. Dispose of over or under allocated MOH Work in Process (A) Raw Materials (A) + 9. 3500 b. 18000 + Finished Goods (A) + 0.2000 Job Cost Lodger (subsidiary ledger of work in process) Job 81 Job #2 Job #3 Cost of Goods Sold (6) Manufacturing Overhead (6) + Accounts Payable ) + 18000 b. + Freight Out Expense Salaries/Wages Payable + Accumulated Depreciation (2) + + (A) Cash (A) Accounts Receivable Sales Revenue +

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions