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Please help me. My notes from class did not prepare me for this, and my assumptions are wrong. Question 1 of 5 Show Attempt History
Please help me. My notes from class did not prepare me for this, and my assumptions are wrong.
Question 1 of 5 Show Attempt History Current Attempt in Progress Sheridan Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15.500 and Work in Process Inventory of $4,170 and two jobs in process: Job No. 429 $2.490, and Job No. 430 $1,680. Du Materials Labor Time Tickets Job Number Requisition Slips 429 $2,100 430 3,340 431 $11,750 8.160 $13,600 General use 960 1,550 $12.710 $15,150 Sheridan Company applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Jab No. 429 is completed during the month. (a & b) - Your answer is partially correct. () Record the May 1 inventory balances and the factory labor incurred. (b) Record (1) material usage from requisition slips, (2) factory labor usage from time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job Na. 429. (Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg. (451) Manufacturing Costs Factory Labor Raw Materials Inventory Manufacturing Overhead Work in Process Inventory $15.50X1 (a) Balances 4170 (b) Incurred factory labor $15,150 (b) Direct materials $11,750 960 (b) Indirect materials (b) Direct labor (b) Indirect labor 9520 (b) Assign Manufacturing overhead (b) Completion of job No. 429 Balance C > $2,870 3,910 4,970 $2,870 I 1 S $15,150 $13,600 $2,100 1,550 4 Finished Goods Inventory L L E I LStep by Step Solution
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