Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need help please question 2 Lincoln Brothers Company makes jobs to customer order. During the month of May, the following occurred: a. Materials were purchased
need help please question 2
Lincoln Brothers Company makes jobs to customer order. During the month of May, the following occurred: a. Materials were purchased on account for $45,760. b. Materials totaling $40,880 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $22,400 with an average wage of $14 per hour, d. Actual overhead of $8,860 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour. f. Completed jobs costing $60,000 wern transferred to Finished Goods. 9. Jobs costing $9,000 were sold on account for $73,850. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs. Beginning balances as of May 1 were: Required: 1. Prepare the journal entries for the areceding events. Accounts Payable 45,760 b. Work in Process v 40,580 Matenals v 40,60 c. Workin Process v 22,400 Wapes Payable v 22,400 d. Overhead Control v $,860 cosh x.860 c. Workin Process v 8.640 Qverhead Control v 8,640 f. Einished coods v 60.000 Workin Process = 60,000 g(1). Accounts Receivable v 73,850 Sales Revenue v 73,650 9(2). Cast of Goods sold 59,000 Hinshed Goods v 59.000 Feestad r Chea My Won 2. Calculate the ending balances of Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started