Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information relates to the manufacturing operations of Trevino Golf Company during the month of March. The company uses job order costing. a. Purchases
The following information relates to the manufacturing operations of Trevino Golf Company during the month of March. The company uses job order costing. a. Purchases of direct materials during the month amount to $53,000. (All purchases were made on account.) b. Materials requisitions issued by the Production Department during the month total $53,000. c. Time cards of direct workers show 2,000 hours worked on various jobs during the month, for a total direct labor cost of $31,000. d. Direct workers were paid $27,000 in March. e. Actual overhead costs for the month amount to $33,000 (for simplicity, you may credit Accounts Payable). f. Overhead is applied to jobs at a rate of $18 per direct labor hour. g. Jobs with total accumulated costs of $110,000 were completed during the month. h. During March, units costing $130,000 were sold for $210,000. (All sales were made on account.) 1. Any balance remaining in the Manufacturing Overhead control account at the end of the month is closed directly to Cost of Goods Sold. Requlred: Prepare general journal entries to summarize each of these transactions in the company's general ledger accounts. (If no entry ls requlred for a trensection/event, select "No journal entry requlred" In the flrst occount fleld.) Journal entry worksheet Note: tnter aebits berore creaits
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