Krawl Company uses a job order cost system. The following data summarizes the operations related to production for June 20X1, the first month of operations. a. Materials purchased on account for $550,000 b. Materials requisitioned and factory labor used: LI T Factory Labor $13,875 20,100 10,000 26,100 11,100 13,350 14,400 Job # Materials $13,800 16,500 9,600 27,300 12,900 12,800 6,150 101 102 103 104 105 106 For gen factory use c. Factory overhead costs incurred on account, $4,125 d. Depreciation of machinery & equipment, $2,800 e. The factory overhead rate is $38 per machine hour. Machine hours used: Job # Machine Hours 101 110 102 114 103 90 104 170 105 114 124 106 Total 722 f. Jobs completed: 101, 102; 103; 105 g. Jobs were shipped and customers were billed as follows: Billing Amount $39.200 Job # 101 50,400 35,400 102 105 Instructions: 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Determine the ending balance of the inventory accounts
Krawl Company uses a job order cost system. The following data summarizes the operations related to production for June 20X1, the first month of operations. a. Materials purchased on account for $550,000 b. Materials requisitioned and factory labor used: LI T Factory Labor $13,875 20,100 10,000 26,100 11,100 13,350 14,400 Job # Materials $13,800 16,500 9,600 27,300 12,900 12,800 6,150 101 102 103 104 105 106 For gen factory use c. Factory overhead costs incurred on account, $4,125 d. Depreciation of machinery & equipment, $2,800 e. The factory overhead rate is $38 per machine hour. Machine hours used: Job # Machine Hours 101 110 102 114 103 90 104 170 105 114 124 106 Total 722 f. Jobs completed: 101, 102; 103; 105 g. Jobs were shipped and customers were billed as follows: Billing Amount $39.200 Job # 101 50,400 35,400 102 105 Instructions: 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Determine the ending balance of the inventory accounts
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 2PB: Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses a job order cost...
Related questions
Question
questions 1-2 please
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,