Question

**Must Be Able to Answer Each Question**

A) In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $27,700 and Job 11 $32,700. On March 31, Job 10 is sold to the customer for $44,900 in cash.
Journalize the entries for the completion of the two jobs and the sale of Job 10.

Debit Credit Date Account Titles and Explanation Mar. 31 (To record the completion of the two jobs) 31 (To record the sale Job 10) (To record the cost of the job sold)

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B) At December 31, balances in Manufacturing Overhead are Shimeca Company—debit $2,100, Garcia Company—credit $1,067.
Prepare the adjusting entry for each company at December 31, assuming the adjustment is made to cost of goods sold.

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C) Milner Company is working on two job orders. The job cost sheets show the following.

Prepare the three summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets.

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D) Washburn Company produces earbuds. During the year, manufacturing overhead costs were $222,000. Machine usage was 2,500 hours. The company assigns overhead based on machine hours. Job No. 551 used 90 machine hours. Determine the amount of overhead to allocate to Job No. 551.

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E) During the current month, Standard Corporation completed Job 310 and Job 312. Job 310 cost $75,000 and Job 312 cost $51,500. Job 312 was sold on account for $90,000.
Journalize the entries for the completion of the two jobs and the sale of Job 312.​​​​​​​

Answer 1

Date	Account titles & Explanations					Debit	Credit
31-Mar	finished goods inventory					60400
	Work in process inventory						60,400
31-Mar	Cash					44,900
	Sales						44,900
31-Mar	Cost of goods sold					27,700
	Finished goods inventory						27,700
B)
Date	Account titles & Explanations					Debit	Credit
Shimeca
31-Dec	Cost of goods sold					2,100
	Manufacturing overhead						2,100
Garcia
31-Dec	Manufacturing overhead					1,067
	cost of goods sold						1,067
C)
No	Account titles & Explanations					Debit	Credit
a)	Work in process inventory					16300
	Raw materials inventory						16,300
b)	Work in process inventory					12250
	Factory wages						12,250
c)	Work in process inventory					15250
	Manufacturing overhead						15,250
D)	overhead rate =		222,000/2500
			88.8	per machine hr
	overhead allocated =		88.8*90
			7992	answer
E)
N0	Account titles & Explanations					Debit	Credit
a	finished goods inventory					126500
	Work in process inventory						126,500
b	Accounts receivable					90,000
	Sales						90,000
c	Cost of goods sold					51,500
	Finished goods inventory						51,500