Sultan, Inc. manufactures goods to special order and uses a job order cost system. During its first month of operations, the following selected transactions took place

REQUIRED:

1) Prepare journal entries to record the transactions.

2) Compute the ending balance in Work in Process.

3) Compute the ending balance in Finished Goods.

a. $37,000 b. $ 2,200 5,700 7,100 1,700 1,350 C. Materials purchased on account. Materials issued to the factory: Job 101 ....... Job 102 Job 103. Job 104 For general use in the factory... Factory wages and salaries earned: Job 101 Job 102 Job 103 Job 104. For general work in the factory Distributed the payroll in (c). Miscellaneous factory overhead costs on account. Depreciation of $2,000 on the factory machinery recorded. Factory overhead allocated as follows: Job 101... $ 2,700 6,800 9,200 2,100 2,250 d. . $ 2,400 f. g. Job 102 Job 103. $ 1,200 2,000 3,800 1,000 h. Job 104. Jobs 101, 102, and 103 completed. Jobs 101 and 102 shipped to the customer and billed at $39,000. i. GENERAL JOURNAL Accont Titles Debit Credit a. 37,000 Materials Accounts Payable 37,000 b. c. d. e. g. h. Completed Billed $ $ $ Job 101 Job 102 Job 103 $ $ $ Added to work in process: Direct materials Direct labor Factory overhead Total Transferred to finished goods Balance (represented by the cost of Job 104) $ $ $ Added to finished goods Less costs of goods sold Balance (represented by the cost of Job 103)