- Exercise 15 10 Algo Recording Materials Labor Overhead And Sales Computing Inventory Cost Lo P1 P2 P3 Custom Cab 1 (60.34 KiB) Viewed 44 times
Exercise 15-10 (Algo) Recording materials, labor, overhead, and sales; computing inventory cost LO P1, P2, P3 Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $7,100, direct labor of $4,000, and applied overhead of $3,400. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on credit) for $23,500, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Direct materials used Job 120 $ 2,900 2,900 Job 121 $ 6,600 4,600 Job 122 $ 4,400 3,800 Direct labor used 1. Prepare journal entries for the following July transactions and events a through e. a. Direct materials used. b. Direct labor used. c. Overhead applied. d. Sale of Job 120. e. Cost of goods sold for Job 120. Hint. Job 120 has costs from June and July. 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory at June 30.)
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question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for the following July transactions and events a through e. No General Journal Transaction a. Work in process inventory Raw materials inventory b. Work in process inventory Salaries expense C. Work in process inventory Factory overhead d. Accounts receivable Sales e. Cost of goods sold 1 2 ابن 4 5 сл Finished goods inventory > Debit 13,900 11,800 X 9,604 X 23,500 22,764 X Credit 13,900 11,800 9,604 23,500 22,764 X
Required 1 Required 2 Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory at June 30.) Work in Process Finished Goods Job # Job 122 Direct materials IS 4,000 Direct labor 3,800 Overhead applied 3,230 Total cost 11,030 Required 2 > S Job 121 $ $ 6,600 4,600 3,910 15,110 < Required 1