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Exercise 15-02 a-b (Video) Waterway Company uses a job order cost system. On May 1, the company has a balance in Work in Proc
CALCULATOR FULL SCREEN PRUNTER VERSION CRACK NEXE Prepare summary journal entries to record (1) the requisition slips (2) the

> Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets (Pos
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Answer #1

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

I HOPE IT USEFUL TO YOU IF YOU HAVE ANY DOUBT PLZ COMMENT GIVE ME UP-THUMB. THANKS..

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