Question
Please, some help with this. Entries and Schedules for Unfinished Jobs and Completed Jobs Staircase Equipment Company uses a job order cost system. The following
Please, some help with this.
Entries and Schedules for Unfinished Jobs and Completed Jobs
Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 2014, the first month of operations:
Materials purchased on account, $2,850.
Materials requisitioned and factory labor used:
Job | Materials | Factory Labor | ||
No. 301 | $3,150 | $2,210 | ||
No. 302 | 3,840 | 2,980 | ||
No. 303 | 2,550 | 1,460 | ||
No. 304 | 8,630 | 5,480 | ||
No. 305 | 5,480 | 4,180 | ||
No. 306 | 4,000 | 2,650 | ||
For general factory use | 1,070 | 3,270 |
Factory overhead costs incurred on account, $6,020.
Depreciation of machinery and equipment, $1,570.
The factory overhead rate is $40 per machine hour. Machine hours used:
Job | Machine Hours | |
No. 301 | 21 | |
No. 302 | 33 | |
No. 303 | 16 | |
No. 304 | 81 | |
No. 305 | 20 | |
No. 306 | 29 | |
Total | 200 |
Jobs completed: 301, 302, 303, and 305.
Jobs were shipped and customers were billed as follows: Job 301, $7,440; Job 302, $9,770; Job 303, $13,490.
Required:
1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
2. Post the appropriate entries to T 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.
Entries Description Debit Credit Materials 2850 Accounts Payable 2850 Work in Process Factory Overhead Materials Wages Payable C. Factory Overhead 6,020 Accounts Payable 6,020 Factory Overhead 1,570 Accumulated Depreciation-Machinery and Equipment 1,570 Work in Process 1570 Factory Overhead 1570 Finished Good 8000 Work in Process 8000 9 Finished Good 29450 Work in Process 29450Step by Step Solution
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