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please help with this asap!!!! Calculate the production costs and prepare journal entries. Inventories January 31 (Beginning) February 29 (Ending) Raw Materials $12,000 $6,000 Work
please help with this asap!!!!
Calculate the production costs and prepare journal entries. Inventories January 31 (Beginning) February 29 (Ending) Raw Materials $12,000 $6,000 Work in Process (WIP) $10,000 $6,400 $15,000 $21,300 Finished goods Additional information: . Raw material purchased (for cash) $ 6,000 Factory payroll (paid in cash) $10,000 Factory OH o Indirect materials (IM) $2,000 o Indirect labor (IL) $1,000 o Other OH $3,200 Sale (received in cash) $35,000 Predetermined OH Rate 70% (of direct labor cost) . Part 1. Calculate the following costs: Part 1: Calculate the following costs: 1) Direct Material (DM) used 2) Direct Labor (DL) used 3) Applied OH 4) Actual OH 5) Over/under applied OH adjustment 6) Cost of goods manufactured (CofGM) 7) Cost of goods sold (COGS) 9 Part 2: Prepare the Journal entries General Journal Debits Credits Record raw materials purchase, direct materials used, direct labor used, and OH applied 1. Record materials purchase 2. Assign direct materials to jobs 3. Assign direct labor to jobs 4. Apply OH to jobs ("OH rate X actual direct labor h) Record actual OH costs 1. Record indirect materials 2. Record indirect labor 3. Record other actual factory OH Transfer cost of completed jobs to Finished Goods Inventory 1. Record the transfer from WIP to Finished Goods Transfer cost of job sold 1. Record transfer of job sold (recognize the COGS) Record the sale for the jobs 1. Record the sale for the job (record proceeds and sale) Step by Step Solution
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