Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help. please aboid cutting of picture of image. thank you! c (c) Your answer is partially correct. Prepare the journal entries to record (1)

need help. please aboid cutting of picture of image. thank you!
image text in transcribed
image text in transcribed
c (c) Your answer is partially correct. Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (1) 72680 103960 (2) 4600 18400 (3) 64400 55200 55200 Sheridan Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022. Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $18,400, direct labor $11.040, and manufacturing overhead $14,720. As of January 1, Job 49 had been completed at a cost of $82,800 and was part of finished goods inventory. There was a $13,800 balance in the Raw Materials Inventory account on January 1. During the month of January, Sheridan Company began production on Jobs 51 and 52 and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $112,240 and $145,360, respectively. The following additional events occurred during the month 1 2 3. Purchased additional raw materials of $82.800 on account, Incurred factory labor costs of $64,400. Incurred manufacturing overhead costs as follows:depreciation expense on equipment $11.040: and various other manufacturing overhead costs on account $14,720. Assigned direct materials and direct labor to jobs as follows. 4 Job No Direct Materials Direct Labor 50 $9.200 $4,600 51 35,880 23,000 52 27.600 18,400 5 Assigned indirect materials of $15,640 and indirect labor of $18,400

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