Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer the following questions: Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107 were worked on during
Please answer the following questions:
Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107 were worked on during November and December. Job 105 was completed on December 10; the other two jobs were stil in production on December 31 , the end of the company's operating year. Data from the job cost sheets of the three jobs follow: The following additional information is available: a. Manufacturing overhead is applied to jobs on the basis of direct labour cost. b. Balances in the inventory accounts at November 30 were as follows: Required: 1. Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead. Enter the November 30 inventory balances given above; in the case of Work in Process, compute the November 30 balance and enter it into the Work in Process T-account. c. Prepare an entry to record the incurrence of $20,890 in various actual manufacturing overhead costs for December (credit Accounts Payable). Post this entry to the appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry for actual manufacturing overhead costs for December. Note: Enter debits before creditsStep 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