Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

this is full question thankyou QUESTION 4 - 20 MARKS Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances at

image text in transcribed

this is full question

thankyou

QUESTION 4 - 20 MARKS Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances at the beginning and end of the year were as follows: Balance Raw materials Work in process Finished goods Beginning Balance $14,000 27,000 62,000 Ending Balance $22.000 9,000 77,000 The company applies overhead to jobs using a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated that it would work 33,000 machine hours and incur $231,000 in manufacturing overhead cost. The following transactions were recorded for the year: a.) Raw materials purchased: $315,000. b.) Raw materials requisitioned for use in production: $307,000 ($281,000 direct and $26,000 indirect) c.) The following employee costs were incurred: Direct labour: $377,000 Indirect labour: $96,000 Administrative salaries: $172,000 d.) Selling costs: $147,000. e.) Factory utility costs: $10,000. f.) Depreciation for the year: $127,000, of which $120,000 is related to factory operations and $7,000 is related to selling and administrative activities. g.) Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,000 machine hours. h.) Sales for the year: $1,253,000. Required: Prepare the journal entries for the above transactions

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Psychology Of People In Organisations

Authors: Angela Mansi, Melanie Ashleigh

1st Edition

0273755765, 9780273755760

More Books

Students also viewed these Accounting questions

Question

What does an ANOV table summarize?

Answered: 1 week ago

Question

=+c. Savings as the Star focus on price.

Answered: 1 week ago

Question

=+b. Product-Focused emphasize product features.

Answered: 1 week ago