Question

Snowy Inc had the following job costs for January: Job                                   2

Snowy Inc had the following job costs for January:

Job                                   23                    24                   25

Dec Work in process       $5,000        $2,000

January Direct Materials $20,000 $18,000 $6,000

Prepare the journal entries to record the january costs to the jobs and transfer job 23 to finished goods. You can type your answer OR write it clearly and neatly on your scrap paper, just make a note within the answer block if you wrote it on scrap paper.

January Direct Labor $10,000 $25,000 $2,000

January Overhead    $5,000 $12,500 $1,000

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Work in Process inventory 44000 =20000+18000+6000
         Raw Materials Inventory 44000
Work in Process inventory 37000 =10000+25000+2000
        Factory Labor 37000
Work in Process inventory 18500 =5000+12500+1000
        Manufacturing Overhead 18500
Finished Goods inventory 40000 =5000+20000+10000+5000
        Work in Process inventory 40000
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,000, direct labor $12,000, and manufacturing overhead $16,000. As of January 1, Job 49 had been completed at a cost of $90,000 and was part of finished goods inventory. There was a $15,000...
Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are...
Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $28,000; factory rent, $38,000; factory utilities, $20,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $670,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
Sheds, Inc. designs and builds sheds and outbuildings for individual customers. The company uses a job...
Sheds, Inc. designs and builds sheds and outbuildings for individual customers. The company uses a job cost system and treats each customer's order as a separate job. At the beginning of January the company had the following raw material inventory: $600 At the beginning of January the company had the following work-in-process inventories: Job 21 $13,000 Job 25 $9,000 During January, the following activities took place: 1. Started jobs 26 and 27. 2. Purchased raw materials in January: $12,000 Requisitioned...
Westerner Manufacturing has established the following cost pools for this year: Cost Pool Costs Cost Drivers...
Westerner Manufacturing has established the following cost pools for this year: Cost Pool Costs Cost Drivers Maintenance $20,000 10,000 machine hours Material handling $25,000 250 moves Machine setup $30,000 1,000 hours Inspection $25,000 500 inspections Total $100,000 N/A The following information pertains to two representative jobs completed during January: Item Job 101 Job 102 Direct materials $10,000 $7,500 Direct labor $8,000 $5,000 Units produced 2,000 1,500 Direct labor hours 640 400 Machine hours 700 650 Number of material moves 40...
Entries for Factory Costs and Jobs Completed Munch Printing Inc. began printing operations on January 1....
Entries for Factory Costs and Jobs Completed Munch Printing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $510...
Q.1 Rex Manufacturing had the following data for the quarter ended December 31:                              &nbs
Q.1 Rex Manufacturing had the following data for the quarter ended December 31:                                   Office expenses                         $  12,500                      Office rent                                     20,000                      Factory maintenance                   25,000                      Office maintenance                      11,000 Work in process, Jan.1   15,000 Work in processDec.31     40,000 Finished goods, Jan. 1 72,000 Finished goods, Dec. 31 65,000 Direct materials used 120,000 Direct labor 260,000 Factory depreciation 65,000 Factory rent   Sales                                                                        30,000                          580,000 Sales Returns                               2,000                Advertising expense 52,000 Admin salaries            25,000 Indirect materials 19,000 Indirect labor 33,000                          Required: Present Rex's Schedule of...
1. A factory uses the sequential method to allocate support department costs. Job 23 required 50...
1. A factory uses the sequential method to allocate support department costs. Job 23 required 50 machine hours in the Cutting Department and 10 direct labor hours in the Assembly Department. Total direct materials cost was $1,500, and total direct labor cost was $200. If the overhead rate of the Cutting Department is $4.5 per machine hour and the Assembly Department is $5.5 per direct labor hour, calculate the cost of Job 23. a. $2,000 b. $1,700 c. $1,980 d....
ENTRIES FOR FACTORY COSTS AND JOBS COMPLETED ****ONLY NEED ANSWER FOR C.****** Old School Publishing Inc....
ENTRIES FOR FACTORY COSTS AND JOBS COMPLETED ****ONLY NEED ANSWER FOR C.****** Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor...
Exercise 2-3 Analysis of cost flows LO C2 As of the end of June, the job...
Exercise 2-3 Analysis of cost flows LO C2 As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 Job 103 Job 104 Direct materials $ 25,000 $ 48,000 $ 64,000 Direct labor 13,000 26,900 39,000 Overhead applied 4,810 9,953 14,430 Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $12,000; direct labor, $3,800;...
Prepare journal entries to record the following transactions for June using a job order costing system....
Prepare journal entries to record the following transactions for June using a job order costing system. (a) Purchased raw materials on credit, $84,000. (b) Raw materials requisitioned: $10,000 direct and $6,200 indirect. (c) Factory payroll accrued $35,000, including $12,500 indirect labor, remainder was direct labor. (d) Paid other actual overhead costs totaling $8,500 with cash. (e) Applied overhead totaling $27,600. (f) Finished and transferred jobs totaling $67,500. (g) Jobs costing $55,200 were sold on credit for $80,000.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT