Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me with this question Instructions Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production

please help me with this question
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Instructions Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $28, 580 b. Materials requisitioned and factory labor used: Job Materials 301 Factory Labor $2,760 $3,030 302 3.490 3.770 303 2,520 1,860 304 8.290 6.880 305 5,000 5.490 306 3.410 For general factory use 3.890 1.130 4.190 c. Factory overhead costs incurred on account. $5,670 Depreciation of machinery and equipment, 52,050 The factory overhead rate is $52 per machine hout Machine hours used: Job Machine Hours 301 27 302 38 303 28 304 73 305 38 306 27 Tot 7. Jobs completed: 301, 302, 303 and 305 9. Jobs were shipped and customers were billed as follows: Job 301, 58,340; Job 302, 510,880, Job 303, S15,310. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-t) as an individual entry on March 31. Record itemg as 2 entries. Refer to the Chart of Accounts for exact wording of account titles. 2. Post the appropriate entries to accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. For grading purposes enter transactions in alphabetical order. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. "Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries CHART OF ACCOUNTS Kurtz Fencing Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense Machinery and 590 Miscellaneous Expense 710 Interest Expense 143 Prepaid Expenses 181 Land 191 Machinery and Equipment 192 Accumulated Depreciation-Machinery and Equipment LIABILITIES 210 Accounts Payable 221 Utilities Payable Accounts unt Descriptions s Amount Descriptions Balance of Work in Process, January 30 Finished Goods, January 30 (Job 305) Job No. 301 REVENUE Job No. 302 Sales Job No. 303 Interest Revenue Job No. 304 Job No. 305 EXPENSES Job No. 306 Cost of Goods Sold Wages Expense Selling Expenses Insurance Expense Utilities Expense Office Supplies Exper Administrative Expens Our Depreciation Expense 590 Miscellaneous Expens 710 Interest Expense TBT Land 191 Machinery and Equipment 192 Accumulated Depreciation Machinery and Equipment LIABILITIES 210 Accounts Payable 221 Utilities Payable A Instruction Chart of Accounts Amount Descriptions Journal T Accounts Schedule of Unfinished Jobs Schedule of Completed Jobs Instructions Journal 1. Journize the order to record resummarved operations. Plecord each temas an indvidus entry on Marche core omg as 2 ms. Motero e Cartoccounts for externoong or conos Shade How does wading work! NGE 10 JOURNAL Score: 170/225 DATE DESCRIPTION POST DENT CREDIT Men 28.580.00 Accounts Payable Wo Process 29.580.00 - Factory Overhead Men 49,620.00 567000 . 22.150.00 27,440.00 5,760.00 5.76000 Wages Payable Factory Overheat Moto Pay Factory Accuenction Machine Wine Factory Overest F Good 2040 10 2,040.00 11 12.315.00 1231500 1 14500 14.000 HO 54500 Cold het 2. Post the appropriate entries to accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo a alphabetical order. Determine the correct ending balance. The ending balance label is provided on the left side of the Taccount even when the ending Work In Process b Bal. Finished Goods 9 Bal Feedback Check My Work Post entries to the Work in Process T account and to the Finished Goods T account Instructions T Accounts Schedule of Unfinished Jobs 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account Refer to the int of Amount Descriptions for the exact wording of the answer choices for the entries Question not attempted Kurt Fencing Inc Schedule of Unfinished Jobs Score: 0/51 lob Direct Materials DirectLab Factory Overhead Total i Panta 0712 Check My Wor Include the direct materials, direct labor, and factory overhead for each unfinished job w 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions for the exact wording of the answer che Question not attempted Kurtz Fencing In Schedule of Completed Jobs Score: 0/22 1 Job Direct Materials Direct Labor Factory Overhead Total 2 Points Feedback Check My Work Include the direct materials, direct labor, and factory overhead for each finished job ERO

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computerized Accounting With Quickbooks 2018

Authors: James B. Rosa, Kathleen Villani

1st Edition

0763882674, 9780763882679

More Books

Students also viewed these Accounting questions

Question

What appraisal intervals are often used in appraisal reviews?

Answered: 1 week ago

Question

What are the various alternatives?

Answered: 1 week ago