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need help want to confirm a few entries please show all steps thanks will upvote Ravsten Company uses a job-order costing system. On January 1,
need help want to confirm a few entries please show all steps thanks
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw materials Work in process Finished goods $20, 500 $11,800 $30, 900 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,900 machine-hours and incur $173,430 in manufacturing overhead cost. The following transactions were recorded for the year a, Raw materials were purchased on account: $218,000. b. Raw materials were requisitioned for use in production: $199,000 (80% direct and 20% indirect). c. The following costs were incurred for employee services: Direct labour Indirect labour Sales commissions Administrative salarios $167,200 $ 20,800 5.38, 700 S83,600 d. Heat, power, and water costs were incurred in the factory: $46,050. e. Prepaid insurance expired during the year. $14,500 (85% relates to factory operations, and 15% relates to selling and administrative activities) 1. Advertising costs were incurred, $54,500. 9. Depreciation was recorded for the year: $65,400 (90% relates to factory operations, and 10% relates to selling and administrative activities) h. Manufacturing overhead cost was applied to production. The company recorded 41,800 machine hours for the year. 1. Goods that cost $520,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. 1. Sales for the year totalled $741.900 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $513,200 Required: 1. Prepare journal entries to record the transactions given above. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet will upvote
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