Answered step by step
Verified Expert Solution
Question
1 Approved Answer
rks Robin's contracting creates individual pieces of interior design for clients. Each is different as they have different requirements and stylizing. Revenue for below
rks Robin's contracting creates individual pieces of interior design for clients. Each is different as they have different requirements and stylizing. Revenue for below for a wedding is $50,000 cash upon order. Manufacturing OH is allocated based on 60$ per DLHour. 100 hours were spent on preparing art for this job. Post the manufacturing Journal entries paid with cash order by filling in T-accounts provided below: A) Movement of Direct Materials of $10,000. B) Movement of inventory from WIP to FG once complete. C) Revenue was made on the event; journalize movements in Inventory and other accounts. Raw Material $ 20,000 55,000 $ $ OH 25,000 5,000 5,000 Work in Progress (WIP) $ 2,000 DM DL OH 5,000 OH $ Revenue Finished Goods 500 $ 500 COGS
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started