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Required information

Problem $3-43$ Basic Job$-$Order Costing; Journal Entries $($LO $3-4,3-5)$

$[$The following information applies to the questions displayed below.$]$

Burlington Clock Works manufactures fine, handcrafted clocks. The firm uses a job$-$order costing system, and manufacturing overhead is applied on the basis of direct$-$labor hours. Estimated manufacturing overhead for the year is $$240,000.$ The firm employs $10$ master clockmakers, who constitute the direct$-$labor force. Each of these employees is expected to work $2,000$ hours during the year, which represents each employee's practical capacity. The following events occurred during October.

a$.$ The firm purchased $4,000$ board feet of mahogany veneer at $$11$ per board foot.

b$.$ Twenty brass counterweights were requisitioned for production. Each weight cost $$24.$

c$.$ Five gallons of glue were requisitioned for production. The glue cost $$20$ per gallon. Glue is treated as an indirect material.

d$.$ Depreciation on the clockworks building for October was $$8,000.$

e$.$ A $$600$ utility bill was paid in cash.

f$.$ Time cards showed the following usage of labor:

Job number G$60$: $12$ grandfather's clocks, $1,000$ hours of direct labor

Job number C$81$: $20$ cuckoo clocks, $700$ hours of direct labor

The master clockmakers $($direct$-$labor personnel$)$ earn $$20$ per hour.

g$.$ The October property tax bill for $$900$ was received but has not yet been paid in cash.

h$.$ The firm employs laborers who perform various tasks such as material handling and shop cleanup. Their wages for October amounted to $$2,600.$

i$.$ Job number $G60,$ which was started in July, was finished in October. The total cost of the job was $$14,400.$

j$.$ Nine of the grandfather's clocks from job number $G60$ were sold in October for $$1,500$ each.

Problem $3-43$ Part $2$

$2.$ Prepare journal entries to record the events described above. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

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