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Need help on how to get these numbers step by step. Thanks Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing
Need help on how to get these numbers step by step. Thanks
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $5,100 3,700 $8,800 Source documents revealed the following during March: Torns Materials Requisitions Labor Tine Tickets Status of Job at Month-End Job 33 $ 2,700 $ 5,600 Completed and gold Job 34 2,800 4,200 Completed, but not sold Job 35 4,900 3,000 In process Indirect 1,200 2,700 $ 11,600 $ 15,500 The company applies overhead to products at a rate of 55 percent of direct labor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Transaction General Journal Debit Credit 1 a 10,400 Work in Process Inventory Manufacturing Overhead Raw Materials Inventory 1,200 11,600 JOD 34 Job 35 Indirect Completed, but not BOLA In process 2,00 4,900 1,200 $ 11,600 3,000 2,700 $ 15,500 The company applies overhead to products at a rate of 55 percent of direct labor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Transaction Debit Credit 1 10,400 General Journal Work in Process Inventory Manufacturing Overhead Raw Materials Inventory 1,200 11,600 2 b Work in Process Inventory Manufacturing Overhead Wages Payable OO OOO OOO 12,800 2,700 15,500 3 7,040 Work in Process Inventory Manufacturing Overhead 7,040Step by Step Solution
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