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Need help doing this problem step by step Instructions 1. Journalize the entries to record the transactions indentified below. 2. Determine the account balances for
Need help doing this problem step by step
Instructions 1. Journalize the entries to record the transactions indentified below. 2. Determine the account balances for Work in Process and Finished Goods. 3. Prepare a schedule of unfinished jobs to support the balance in the Work in Process account 4. Prepare a schedule of completed jobs on hand to support the balance in the Finished Goods account. Materials purchased on account 60,000 Factory Overhead b. Job #100 Job #101 Job #102 Job #103 Job #104 Job #105 For general factory use Material Factory Labor 5000 2500 4000 2000 3500 1750 2500 1250 1000 500 1500 750 1800 900 c. d. 10000 8000 50% e. f. 8 Factory overhead costs incurred Depreciation of machinery Factory overhead applied as a percent of of direct labor cost Jobs completed 100, 101, 102, and 104 Jobs 100, 101, 102 were shipped Customers were billed Job #100 Job #101 Job #102 12000 13000 14000 Journal Entries la. 1b. le. 1d. le. 16 g. Computation of the cost of jobs finished: Customers were billed Cost of Jobs Sold 2. Work in Progress Inventory Finished Goods Inventory 3. Schedule of Unfinished Jobs 4. Schedule of Completed Jobs Step by Step Solution
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