Factory | overhead | total | |||||
Materials | labor | applied | |||||
Job 301 | 3,030 | 2,760 | 1404 | 7,194 | |||
job 302 | 3,490 | 3,770 | 1976 | 9,236 | |||
job 303 | 2,520 | 1,860 | 1456 | 5,836 | |||
job 304 | 8,290 | 6,880 | 3796 | 18,966 | |||
job 305 | 5,000 | 5,490 | 1976 | 12,466 | |||
job 306 | 3,890 | 3,410 | 1404 | 8,704 | |||
total | 26,220 | 24,170 | 12012 | 62,402 | |||
1) | Journal Entries | ||||||
Accounting titles & Explanations | Debit | Credit | |||||
a) | Raw materials inventory | 28,580 | |||||
Accounts payable | 28,580 | ||||||
b) | work in process inventory | 50,390 | |||||
Factory overhead | 5,320 | ||||||
Raw materials inventory | 27,350 | ||||||
Factory wages payable | 28,360 | ||||||
c) | Factory overhead | 5,670 | |||||
Accounts payable | 5,670 | ||||||
d) | Factory overhead | 2,050 | |||||
Accumulated depreciation | 2,050 | ||||||
e) | Work in process inventory | 12,012 | |||||
Factory overhead | 12,012 | ||||||
f) | finished goods inventory | 34,732 | |||||
work in process inventory | 34,380 | ||||||
g) | Accounts receivable | 34530 | |||||
Sales | 34,530 | ||||||
Cost of goods sold | 22,266 | ||||||
finished goods inventory | 22,266 | ||||||
2) | Work in process inventory | ||||||
b) | 26,220 | f) | 34,732 | ||||
b) | 24,170 | ||||||
e) | 12,012 | ||||||
end balance | 27,670 | ||||||
Finished goods inventory | |||||||
f) | 34,732 | g) | 22,266 | ||||
End bal | 12,466 | ||||||
3) | Schedule of Work in process account | ||||||
job | Direct | Direct | overhead | total | |||
materials | labor | applied | |||||
job 304 | 8,290 | 6,880 | 3796 | 18,966 | |||
job 306 | 3,890 | 3,410 | 1404 | 8,704 | |||
total | 12,180 | 10,290 | 5200 | 27,670 | |||
4) | Schedule of finished goods inventory | ||||||
job | Direct | Direct | overhead | total | |||
materials | labor | applied | |||||
job 305 | 5,000 | 5,490 | 1976 | 12,466 | |||
Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related...
Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on March 31. Record item g as 2 entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on...
Instructions Kurtz Fencing Inc. uses a job order.cost system. The following data summarize the operations related to production for March, the first month of operations: a Materials purchased on account, 528,580 b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,760 $3,030 3,490 302 3,770 303 2,520 1,860 304 8,290 6,880 305 5,000 5,490 306 3,890 3.410 For general factory use 1,130 4,190 c. Factory overhead costs incurred on account, $5,670 d. Depreciation of machinery and equipment,...
Kurtz Fencing Inc uses a border coststem The following data summarize the operations related to production for March, the fast month of operations a. Materials purchased an account, $31.030 b. Materials requisitioned and factory labor used: Job 301 Factory Labor $2.710 2,820 Materials $3,060 3,640 2,430 8,280 5,340 3,790 1,870 7010 5,100 3.170 For general factory use 1,060 4,260 c. Factory overhead costs incurred on account, $5,290. d. Depreciation of machinery and equipment, 61,960 e The factory overhead rate is...
Kurtz Fencing Inc uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a Materials purchased on account, $28,610 b. Materials requisitioned and factory Labor used Job Materials Factory Labor $2,810 $2,640 3.710 2,340 3,920 1,910 7.110 5,270 8.210 5,300 3.780 3,390 306 For general factory use 1,060 4,040 c. Factory overhead costs incurred on account, $5,710. d. Depreciation of machinery and equpment, $1,910 e. The factory overhead...
Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $28,580. b. Materials requisitioned and factory labor used: Job Factory Labor Materials $3,030 $2,760 301 302 303 3,490 3,770 2,520 1,860 304 8,290 6,880 5,000 5,490 305 306 3,890 3,410 For general factory use 1,130 4,190 c. Factory overhead costs incurred on account, $5,670. d. Depreciation of machinery and equipment,...
Instructions Kurtz Fencing Inc. uses a job order costsystem. 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 $1.850 3,150 2.200 1.800 4,230 1.770 1.200 Factory Labor $2,500 7,220 5,350 2,400 6.225 2.000 5,000 306 For general factory use Instructions c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, $2,500. e. The factory...
Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $29,800. b. Materials requisitioned and factory labor used: Job Materials Factory Labor $2,775 301 $ 2,960 302 3,620 3,750 303 1,875 2,400 8,100 304 6,860 305 5,100 5,250 306 3,750 3,340 For general factory use 1,080 4,100 c. Factory overhead costs incurred on account, $5,500. c. Factory overhead costs incurred...
Tybee Industries Inc, uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations a. Materials purchased on account, $29,800 b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $ 2,960 $2,775 302 3,620 3,750 303 2,400 304 8,100 1,875 6,860 5,250 305 5,100 306 3.750 3,340 For general factory use 1,080 4,100 c. Factory overhead costs incurred on account, $5,500 d. Depreciation of machinery and...
Instructions Chart of Accounts Amount Descriptions Journal T Accounts < HI Instructions Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $30,100. b. Materials requisitioned and factory labor used: Job Materials Factory Labor $3,110 $2,720 301 302 3,710 3,810 303 1,970 2,400 8,500 304 6,870 305 5,210 5,410 306 3,850 3,290 For general factory use 1,080 4,120 c. Factory...
Kurtz Fencing Inc. uses a job order cost system. 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: Materials M Factory Lal Job 301 $ 1,850 $2.500 3.150 T220 2200 5,350 2.400 1.800 4.220 0.225 2.000 3.000 For general factory use 1.200 c. Factory overhead costs incurred on account, $1 800 d. Depreciation of machinery and equipment, $2.500 The factory...