Posted twice to show complete table. there is no manufacturing cost, labour, factory cost etc provided
Homework Answers
| Work in process inventory | Finished goods Inventory | Cost of goods sold | ||||
| Completion of jobs : | ||||||
| Job 10 | -23600 | 23600 | ||||
| Job 11 | -36800 | 36800 | ||||
| Balance | -60400 | 60400 | ||||
| Jobs sold : | ||||||
| Job 10 | 0 | -23600 | 23600 | |||
| Balance | -23600 | 23600 | ||||
| After the sale of Job 10 , Finished goods balance is $ 36800. | ||||||
| Note : Please refer below movement to understand the flow of journal entries during the Job completion and sale process | ||||||
| 1. Transfer of Raw material , factory labour and manufacturing overhead to Work in process | ||||||
| Account | Debit | Credit | ||||
| Work in process inventory | XXX | |||||
| Raw materials inventory | XXX | |||||
| Direct labor cost | XXX | |||||
| Manufacturing overhead | XXX | |||||
|
2. Transfer of Work in process inventory to Finished goods |
||||||
| Account | Debit | Credit | ||||
| Finished goods inventory | XXX | |||||
| Work in process inventory | XXX | |||||
|
3. Transfer of finished gods to Cost of goods sold |
||||||
| Account | Debit | Credit | ||||
| Cost of goods sold | XXX | |||||
| Finished goods | XXX | |||||
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Posted twice to show complete table. there is no manufacturing
cost, labour, factory cost etc provided...
Show Attempt History Current Attempt in Progress Your answer is partially correct. In March, Sheffield Company...
Show Attempt History Current Attempt in Progress Your answer is partially correct. In March, Sheffield Company completes its only two jobs in process, Jobs 10 and 11. Job 10 cost $27,300 and Job 11 $34,500. On March 31, Job 10 is sold. Record the completion of the two jobs and the sale of Job 10. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Manufacturing Costs Factory Labor $ 0 Work i Raw...
In March, Crane Company completes its only two jobs in process, Jobs 10 and 11. Job...
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Please complete part (c)-(f)
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Do It! Exercise 15A-2 Milner Company is working on two job orders. The job cost sheets...
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part C)
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Question 3 --/1 View Policies Current Attempt in Progress In March, Stinson Company completes Jobs 10...
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Show Attempt History Current Attempt in Progress Your answer is partially correct. In March, Sheffield Company completes its only two jobs in process, Jobs 10 and 11. Job 10 cost $27,300 and Job 11 $34,500. On March 31, Job 10 is sold. Record the completion of the two jobs and the sale of Job 10. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Manufacturing Costs Factory Labor $ 0 Work i Raw...
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Please complete part (c)-(f)
Sunland Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 24,200 direct labor $ 14,520, and manufacturing overhead $ 19,360. As of January 1, Job 49 had been completed at a cost of $ 108,900 and was part...
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part C)
c-f
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