Question
Sinatra Industries, Inc. uses a job order cost system. The following data summarize the operations related to production for June 2012, the first month of
Sinatra Industries, Inc. uses a job order cost system. The following data summarize the operations related to production for June 2012, the first month of operations:
a.) Materials purchased on account, $32,760.
b.) Materials requisitioned and factory labor used:
Job Materials Factory Labor 301 $3,290 $3,080 302 4,025 4,160 303 2,660 2,080 304 9,030 7,640 305 5,740 5,810 306 4,170 3,710 For general factory use 1,200 4,550
c.) Factory overhead costs incurred on account, $6,300.
d) .Depreciation of machinery and equipment, $2,200.
e.) The factory overhead rate is $58 per machine hour. Machine hours used:
Job Machine hours 301 26 302 38 303 30 304 80 305 40 306 26 Total 240 f.) Jobs completed: 301, 302, 303, and 305. g.) Jobs were shipped and customers were billed as follows: Job 301, $9,150; Job 302, $12,350; Job 303, $16,600. 1. Journalize the entries to record the summarized operations. 2. Post the appropriate journal entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Insert emo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Can anyone help me out here by chance? It doesn't really give good examples in the book. Thanks
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