Question

Schedule of Completed Jobs and only to entries

Instructions Kurtz Fencing Inc, uses a job order cost systern. The following data summarize the operations related to production for March, the first month of operations a Materials purchased on account, $45,000. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $ 1,850 500 7220 303 2,200 5250 304 305 4,230 2.400 8.225 2.900 5.000 300 1,770 1.200 For general factory use c. Factory overhead costs incurred on account. $1,800 & Depreciation of machinery and equipment. $2.500 e. The factory overhead rate is $30 per machine hour. Machine hours used

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Answer 1

Description Credit Entries Date Mar 31. Materials Accounts Payable Debit 45,000 a. 45,000 b.** 41.595 6,200 Mar 31. Work in Process (15000+26595) Factory Overhead =1200+5000 Materials (24240+940) Wages Payable (21970+3790) 16,200 31,595 1,800 Mar 31. Factory Overhead Accounts Payable 1,800 Mar 31. 2,500 Factory Overhead Accumulated Depreciation-Machinery& Equipment 2,500 e.** 9,000 Mar 31. Work in Process Factory Overhead (300*30) 9,000 Mar 31. 38,755 Finished Goods Work in Process (5250+12170+8780+12555) 38,755 g. 38,050 Mar 31. Accounts Receivable Sales (8500+16150+13400) 38,050 26,200 Cost of Goods Sold Finished Goods (5250+12170+8780) 26,200

f 38,755 Work in process 41,595 9,000 11,840 Bal Finished goods 38,755 g 26,200 Bal 12,555 3.Schedule of unfinished Jobs Job Direct Materials Direct Labor Factory Overhead** | Total 304 1,800 2,400 1,890 6,090 306 1,770 2,900 1,080 5,750 Balance of Work in Process, April 30 3,570 5,300 2,970 11,840 5,5/01 Job 4.Schedule of completed Jobs Direct Materials Direct Labor Factory Overhead** | Total 305 4,230 6,225 2,100 12,555 **working : Jobs Total 302 301 1,850 2,500 3,150 7,220 303 2,200 5,350 304 1,800 2,400 305 1306 4,230 1,770 6,225 2,900 15,000 26,595 Material labor factory overhead Machine hours xoverhead rate Total factory overhead 300 30 30 900 60 30 1,800 41 30 1,230 63 30 1,890 70 30 2,100 36 30 1,080 30 9,000 Total 5,250 12,170 8,780 6,090 12,555 5,750 50,595

Entries Description Credit Debit 45,000 Materials Accounts Payable 45,000 b.** 41,595 6,200 Work in Process (15000+26595) Factory Overhead =1200+5000 Materials (24240+940) Wages Payable (21970+3790) 16,200 31,595 1,800 Factory Overhead Accounts Payable 1,800 2,500 Factory Overhead Accumulated Depreciation-Machinery& Equipment 2,500 9,000 Work in Process Factory Overhead (300*30) 9,000 38,755 Finished Goods Work in Process 38,755 (5250+12170+8780+12555) 38,050 Accounts Receivable Sales (8500+16150+13400) 38,050 26,200 Cost of Goods Sold Finished Goods (5250+12170+8780) 26,200

f 38,755 Work in process 41,595 9,000 11,840 Bal Finished goods 38,755 g 26,200 Bal 12,555 3.Schedule of unfinished Jobs Job Direct Materials Direct Labor Factory Overhead** | Total 304 1,800 2,400 1,890 6,090 306 1,770 2,900 1,080 5,750 Balance of Work in Process, April 30 3,570 5,300 2,970 11,840 5,5/01 Job 4.Schedule of completed Jobs Direct Materials Direct Labor Factory Overhead** | Total 305 4,230 6,225 2,100 12,555 **working : Jobs Total 302 301 1,850 2,500 3,150 7,220 303 2,200 5,350 304 1,800 2,400 305 1306 4,230 1,770 6,225 2,900 15,000 26,595 Material labor factory overhead Machine hours xoverhead rate Total factory overhead 300 30 30 900 60 30 1,800 41 30 1,230 63 30 1,890 70 30 2,100 36 30 1,080 30 9,000 Total 5,250 12,170 8,780 6,090 12,555 5,750 50,595