Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $28,790. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,880 $2,910 302 3,690 3,860 303 2,300 1,780 304 7,820 6,990 305 5,310 5,050 306 3,700 3,280 For general factory use 1,070 4,180 c. Factory overhead costs incurred on account, $5,600. d. Depreciation of factory machinery and equipment, $1,970. e. The factory overhead rate is $53 per machine hour. Machine hours used: Job Machine Hours 301 25 302 34 303 30 304 71 305 42 306 26 Total 228 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on January 31. Record item g as 2 entries. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.* Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.*

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Description: Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $28,790. b. Materials requisitioned and factory labo

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 14E: Journal entries Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from...

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Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations:

	a. Materials purchased on account, $28,790.
	b. Materials requisitioned and factory labor used:

Job	Materials	Factory Labor
301	$2,880	$2,910
302	3,690	3,860
303	2,300	1,780
304	7,820	6,990
305	5,310	5,050
306	3,700	3,280
For general factory use	1,070	4,180

	c. Factory overhead costs incurred on account, $5,600.
	d. Depreciation of factory machinery and equipment, $1,970.
	e. The factory overhead rate is $53 per machine hour. Machine hours used:

Job	Machine Hours
301	25
302	34
303	30
304	71
305	42
306	26
Total	228

	f. Jobs completed: 301, 302, 303, and 305.
	g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730.

	Required:
1.	Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on January 31. Record item g as 2 entries.
2.	Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank.
3.	Prepare a schedule of unfinished jobs to support the balance in the work in process account.*
	Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.*

Schedule of Unfinished Jobs
TAccounts
3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.
2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying ietters as
transaction codes. Determine the correct ending balance. The ending balance label is provided on the left side of the
Taccount even when the ending balance is a credit. The unused cell on the balance line should be ieft blank.
Kaymer Industries Inc.
Work in Process
Schedule of Unfinished Jobs
Job
Direct Materials
Direct Labor
Factory Overhead
Total
Bl.
4 Balance of Work in Process, January 30
Finished Goods
Schedule of Completed Jobs
Bal
4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions list for the exact wording of the answer choices for te
Kaymer Industries Inc.
Schedule of Completed Jobs
Job
Direct Materials
Direct Labor
Factory Overhead
Total

1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on January 31. Record item g as 2 entries. Refer to the chart of
entries
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2
10
12
13
14
15
16
17
18

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