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Please answer only the questions with red Xs next to them, only e, g, and h. Explain how you solved them. Thank you! Job Cost
Please answer only the questions with red Xs next to them, only e, g, and h. Explain how you solved them. Thank you!
Job Cost Journal Entries Prior to the beginning of 2016, Lowe Company estimated that it would incur $264,000 of manufacturing overhead cost during 2016, using 24,000 direct labor hours to produce the desired volume of goods. On January 1,2016, beginning balances of Materials nventory, Work in Process Inventory, and Finished Goods Inventory were $42,000, $-0, and $64,500, respectively. Required Prepare general journal entries to record the following for 2016 a. Purchased materials on account, $58,500 Description Debit Credit Materials inventory $. 58,500 Accounts payable 58,500 b. Of the total dollar value of materials used, $46,500 represented direct material and $16,500 indirect material. Debit 46,500 16,500 Credit Description Work in process inventony Manufacturing overhead Materials inventory 63,000 c. Determined total factory labor, $202,500 (22,500 hrs.@$9/hr.). d. Of the factory labor, 80% was direct and 20% indirect. Debit 162,000 40,500 Description Credit Work in process inventory Manufacturing overhead Step by Step Solution
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