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This is for my Managerial Accounting class. I need to complete the Job Order Costing journal entries... Please disregard my notes. I need help/answers. Thank
This is for my Managerial Accounting class. I need to complete the Job Order Costing journal entries... Please disregard my notes. I need help/answers. Thank you in advance!
*GO for Est OH Cost + hours-amt ins text to Graded Problems Problems * Figure out amt overneod & apply it Job Order Costing (15 pts.) est. The Fantasy Company started four jobs last month. All of the jobs were started, Jobs 1010, 1012, and 1013 were completed and Jobs 1010 and 1013 were sold for $387,000. Factory overhead cost are calculated on direct labor hours. Estimated OH costs were 555,200 and the estimated direct labor hours were 22,000. Actual overhead costs were $55,800 Add Job DM Costs DL Costs OH Applied Total Costs 1010 $45.000 $72.000 8.000 1011 59.000 77,000 7,000 1012 35,000 30,000 3,000 1013 26,000 40,000 5,000 Prepare journal entries to record the following activity. 1. Purchased raw materials on account for $190,300 and move it into production. (RM costs that are not direct will be recorded as indirect costs) 2. Incurred and paid factory labor costs of $240,500 cash: (labor costs that are not direct will be indirect costs) 3. Recorded factory depreciation, $5,300. 4. Incurred factory utilities costs of $3,700;this amount is still payable 5. Calculate the predetermined overhead rate, and apply the appropriate amount to production 6. Move all the completed jobs to finished goods 7. Record the sale of the finished jobs 8. Adjust the FOH account Step by Step Solution
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