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Some filled out already, and I tried to put the accounts in where I thought they weee correct but by no means mean they are.
Some filled out already, and I tried to put the accounts in where I thought they weee correct but by no means mean they are. Info in first few pictures, and the work that needs to be completed below it. I think I did the job cost records right but get very lost on the general journal entries and t accounts. PROBLEM #2 Objective This part of the problem set is designed to enhance your understanding of job-order costing transactions associated with the process of manufacturing a product. Background Lynn's building was ready for production on February I. In February an order was received from a local outdoor store and another order from a big box store. February production also includes at least one job that will begin to build inventory for the summer season. Economic Activity On Feb 1* Lynn began production on his first job. Throughout February, jobs were scheduled as follows: Job # 1 Date Started 2/2/2018 2/5/2018 2/16/2018 Description 2,000 16 oz. water bottles for a local outdoor store 7.000 8 oz. water bottles for inventory (stock) 1,000 16 oz, water bottles with logo for a national retailer Lynn has decided totaled S 680,000 for the year and 340,000 machine hours were estimated for the same time period. The four individuals that will work in the plant will all be paid the same rate: $20.00 per hour. to allocate manufacturing overhead on the basis of machine hours. Estimated overhead costs The current model of water bottles requires only two direct materials: the aluminum pucks that will be molded into the water bottles, and the plastic lids that will be purchased in bulk from a manufacturer that specializes in lids. Figure 2 shows the direct materials that will be used
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