Question
Prepare journal entries to record the following transactions and events for Zulu Inc. (who uses a job order costing system) a) Zulu Inc. purchased raw
Prepare journal entries to record the following transactions and events for Zulu Inc. (who uses a job order costing system)
a) Zulu Inc. purchased raw materials on account for a total of $90,000.
b) Raw materials were requisitioned into the Zulu manufacturing process. $36,500 of these materials were for direct materials, and $19,200 of these materials were for indirect materials.
c) Zulu, Inc. paid factory payroll of $50,000. They paid it in cash.
d) After the factory payroll was paid by Zulu, they then determinated that $37,000 of that payroll was for direct labor, and the remainder amount was for indirect labor.
e) Zulu, Inc paid other actual overhead costs totalling $11,233 in cash.
f) Zulu, Inc then ALLOCATED overhead totalling $12,100.
g) Zulu then determined that $56,800 of total jobs were completed and moved into finished goods.
h) Those jobs that had cost $56,800 were then sold by Zulu to customers. The jobs were sold on credit for $82,000.
Thanks
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