No. |
Date |
Account Titles and Explanation |
Debit |
Credit |
1 |
May 31 |
Work in Process inventory |
$11,440 |
|
Manufacturing Overhead |
$980 |
|||
Raw materials inventory |
$12,420 |
|||
(Being Record the materials requisitioned for use in production) |
||||
2 |
31 |
Work in Process inventory |
$13,800 |
|
Manufacturing Overhead |
$1,330 |
|||
Factory Labor |
$15,130 |
|||
(Being Record the wages payable) |
||||
3 |
31 |
Work in Process inventory ( $13,800 *70%) |
$9,660 |
|
Manufacturing Overhead |
$9,660 |
|||
(Being Record Manufacturing Overhead applied ) |
||||
4 |
31 |
Finished goods inventory |
$9,190 |
|
Work in Process inventory |
$9,190 |
|||
(Being Record completion of Job 429) |
Total cost of Job 429 = $2,450 (B.W.P)+ 3,000 (D.M) + $2,200 (D.L) + $ 1,540 ($2,200 * 70%) O.H
= $9,190
Work in Process inventory |
|||
Beginning balance |
$3,900 |
||
Raw materials inventory |
$11,440 |
||
Factory wages payable |
$13,800 |
||
Manufacturing Overhead |
$9,660 |
Finished goods inventory |
$9,190 |
Ending balance |
$29,610 |
Job Cost sheets |
|||||
Job No |
Beginning work in process |
Direct material |
Direct labor |
Manufacturing overhead |
Total |
430 |
$1,450 |
$3,730 |
$3,400 |
$2,380 ($3,400 *70%) |
$10,960 |
431 |
$0 |
$4,710 |
$8,200 |
$5,740 ($8,200 *70%) |
$18,650 |
$1,450 |
$8,440 |
$11,600 |
$8,120 |
$29,610 |
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