Print Item Journal Entries, T-Accounts Kapoor Company uses job-order costing. During January, the following data were reported a. Materials purchased on account: direct materials, $99,500; Indirect materials, $14,800 b. Materials issued: direct materials, $83,500; indirect materials, $ 8,800. c. Labor cost incurred: direct labor, $67,000; indirect labor, 518,750, d. Other manufacturing costs incurred (all payables), $46,200, e. Overhead is applied on the basis of 110 percent of direct labor cost. 1. Work finished and transferred to Finished Goods Inventory cost $237,700, 9. (1) Finished goods costing $218,000 were (2) sold on account for 140 percent of cost. Make the entry to record the cost of the jobs first, followed by the e record the revenue from their sale. h. Any over- or underapplied overhead is closed to cost of Goods Sold. Required: 1. Prepare journal entries to record these transactions. For a compound transaction, if an amount box does not require an entry leave it blank Materials 114,300 Accounts Payable 114,300 b Work in Process $3,500 Overhead Control Materials 8,800 92.300 C Work in Process Overhead Control Wages Payable 67,000 18.750 85,750 d 46,200 Overhead Control Various Payables 46,200 Check My Work 2 more Check My Work uses remaining Previous Ne d. Overhead Control 46,200 Various Payables 46,200 e. Work in Process 73.700 Overhead Control 73,700 237,700 Finished Goods Work in Process 237,700 218,000 9 (1). Cost of Goods Sold Finished Goods 218,000 305.200 9 (2). Accounts Receivable 305,200 Sales Revenue 50 h. Cost of Goods Sold Overhead Control 50 Feedback Check My Work Consider each line of data to determine which accounts are affected and whether the account is to be debited or credited. 2. Prepare a T-account for Overhead Control. Post the entries to the T-account in the same order in which they were journalized. If an amount is a the ending balance in this account? Quarkan rantral 2. Prepare a Traccount for Overhead Control Post the entries to the T-account in the same order in which they were journalized. If an amount is zero, enter Om What is the ending balance in this account? Overhead Control b 73,700 8,800 18,750 46,200 d Balance son 50 Balance 73,650 X Feedback Checy Work Set up a T-account and consider the information that pertains to an Overhead Control account 3. Prepare a T-account for Work-in-Process Inventory. Assume a beginning balance of $10,000, and post the entries to the T-account in the same order in which they were journalized Work in Process Inventory Beginning Balance 10,000 237,700 b 83,500 C 67,000 73,700 Balance 3,500 e Eth Previous Next