The fields in yellow require an answer. Thank you. Account Descriptiona. Raw material inventoryAccounts payableMaterials purchased on accountMaterials requisitioned to jobsFactory labor used in productionIndirect materials incurred in productionIndirect labor incurred in productionAccounts payableFactory overhead incurred in productionAccumulated depreciationFactory overhead incurred in productione. WIP inventoryFactory overheadTo record factory overhead appliedf. Finished goods inventoryWIP inventoryTo record the cost of completed jobsg. Account receivableSalesTo record the sale of jobsCost of goods soldFinished goods inventoryTo record the cost associated with the jobs soldSchedule of Unfinished JobsAppliedDirectFactoryMaterials Direct Labor OverheadCompleted JobsCompleted Jobs104106Factory overhead rateCompleted JobsCompleted Jobs101102103105Factory overhead rateb.c. Factory overheadd. Factory overhead104106101102103105Debit50,0001,8002,70012,00037,950MachineHoursCreditTotal finished goods inventory $50,000Direct Labor Overhead$$Total finished goods inventory $Factory AppliedOverhead FactoryRateOverheadBalance ofFinishedGoodsNeed to input material amounts for all jobsNeed to input labor amounts for all jobsGeneral factory use means it can't be traced to any job and is allocated through factory overheadGeneral factory use means it can't be traced to any job and is allocated through factory overhead1,8002,70012,000 Total machine hours x factory overhead rateCost transferred from WIP to FGS calculated on 'Scheduled of Completed Jobs'Cost of jobs sold computed on 'Scheduled of Completed Jobs' tab.Should agree to ending balance in work in process T-Account37,950 Amounts bills for all jobs shippedFactory AppliedMachine Overhead FactoryRateHoursOverhead$Schedule of Completed JobsApplied Balance ofDirectFactory FinishedMaterialsGoodsRequires data from the exercise that must be entered or proper accounts that must be enteredRepresents a calculation or formula, or link within the worksheetsRequires data from the exercise that must be enteredRepresents a calculation or formulaRequires data from the exercise that must be enteredRepresents a calculation or formula ObyPR 2-2A Entries and schedules for unfinished jobs and completed jobsOttoson Fencing Inc. uses job order costing. The following data summarize the operations relatedto production for December, the first month of operations:a. Materials purchased on account. $50.000.b. Materials requisitioned and factory labor used:JabMaterialsFactory Labor301$1,850$2,5003023.150Z.2203032,2005,3503041,2002.3003054,2306,2253061,7702,200Eor general factory use1.2005.000c. Factory overhead costs incurred on account_$1,800.d. Depreciation of machinery and equipment. $2.700.e. The factory overhead rate is $40 per machine hour Machine hours used:JabMachine Hours30.13.03026.030.34130430.57.030636Total300f. Jobs completed: 301 302, 303, and 305.g. Jobs were shipped and customers were billed as follows: Job 301 $2.000; Job 302. $16.150; Job 303. $12.800.Instructions1. Journalize the entries to record the summarized operations.2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using theidentifying letters as transaction codes. Insert memo account balances as of the end of themonth.3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.4. Prepare a schedule of completed jobs on hand to support the balance in the finished goodsaccount.

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Description: The fields in yellow require an answer. Thank you. Account Descriptiona. Raw material inventoryAccounts payableMaterials purchased on accountMaterials requisitioned to jobsFactory labor used in productionIndirect materials incurred in productionIndi

Journal entries refers to the very basic step in accounting as it forms the foundation of the…

Business

Accounting

Raw material inventory Accounts payable Materials purchased on account Materials requisitioned to jobs Factory labor used in production Indirect materials incurred in production 50,000 50,000 Requires data from the exercise that must be en Represents a calculation or formula, or link with Need to input material amounts for all jobs Need to input labor amounts for all jobs General factory use means it can't be traced to any job and is allocated through factory ove General factory use means it can't be traced to any job and is allocated through factory ove

Raw material inventory Accounts payable Materials purchased on account Materials requisitioned to jobs Factory labor used in production Indirect materials incurred in production 50,000 50,000 Requires data from the exercise that must be en Represents a calculation or formula, or link with Need to input material amounts for all jobs Need to input labor amounts for all jobs General factory use means it can't be traced to any job and is allocated through factory ove General factory use means it can't be traced to any job and is allocated through factory ove

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 13PB: The Following events occurred during March for Ajax Company. Prepare a journal entry for each...

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(Appendix 4A) Journal Entries, T-Accounts Lowder Inc. builds custom conveyor systems for warehouses and distribution centers. During the month of July, the following occurred: a. Purchased materials on account for 42,630. b. Requisitioned materials totaling 27,000 for use in production: 12,500 for Job 703 and the remainder for Job 704. c. Recorded direct labor payroll for the month of 26,320 with an average wage of 14 per hour. Job 703 required 780 direct labor hours; Job 704 required 1,100 direct labor hours. d. Incurred and paid actual overhead of 19,950. e. Charged overhead to production at the rate of 10 per direct labor hour. f. Completed Job 703 and transferred it to Finished Goods. g. Kept Job 704, which was started during July, in process at the end of the month. h. Sold Job 700, which had been completed in May, on account for cost plus 30%. Beginning balances as of July 1 were: Required: 1. Prepare the journal entries for transactions a through e. 2. Prepare simple job-order cost sheets for Jobs 703 and 704. 3. Prepare the journal entries for transactions f and h. 4. Calculate the ending balances of the following: (a) Raw Materials, (b) Work in Process, and (c) Finished Goods.
(Appendix 4A) Journal Entries, Job Costs The following transactions occurred during the month of April for Nelson Company: a. Purchased materials costing 4,610 on account. b. Requisitioned materials totaling 4,800 for use in production, 3,170 for Job 518 and the remainder for Job 519. c. Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519 for the month. Direct laborers are paid at the rate of 14 per hour. d. Applied overhead using a plantwide rate of 6.20 per direct labor hour. e. Incurred and paid in cash actual overhead for the month of 973. f. Completed and transferred Job 518 to Finished Goods. g. Sold on account Job 517, which had been completed and transferred to Finished Goods in March, for cost (2,770) plus 25%. Required: 1. Prepare journal entries for Transactions a through e. 2. Prepare job-order cost sheets for Jobs 518 and 519. Prepare journal entries for Transactions f and g. (Note: Round to the nearest dollar.) 3. Prepare a schedule of cost of goods manufactured for April. Assume that the beginning balance in the raw materials account was 1,025 and that the beginning balance in the work-in-process account was zero.
Job order cost accounting for a service company Obj. 3 The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: A. Provide the journal entries for each of these transactions. B. How much office overhead is over- or underapplied? C. Determine the gross profit on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.
Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on account for $4,500. Prepare journal entries for the following: A. Completion of job 113. B. Completion and sale of Job 85.
(Appendix 4A) Unit Cost, Ending Work in Process, Journal Entries During August, Leming Inc. worked on two jobs. Data relating to these two jobs follow: Overhead is assigned on the basis of direct labor hours at a rate of 11. During August, Job 64 was completed and transferred to Finished Goods. Job 65 was the only unfinished job at the end of the month. Required: 1. Calculate the per-unit cost of Job 64. 2. Compute the ending balance in the work-in-process account. 3. Prepare the journal entries reflecting the completion and sale on account of Job 64. The selling price is 175% of cost. (Note: Round all journal entry amounts to the nearest dollar.)
Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.
The Following events occurred during March for Ajax Company. Prepare a journal entry for each transaction. Materials were purchased on account for $5,429. Materials were requisitioned to begin work on Job C15 In the amount of $2,500. Direct labor expense for job C15 was $4,250. Actual overhead was incurred on account for $5,385. Factory overhead was charged w Job C15 at the rate of 200% direct labor. Job C15 was transferred to finished goods at $15,250. Job C15 was sold on account for $28,000.