Question

LillyuyulUW.LUI takesiyentakeassignmentMain.dorinvoker assignments&takeAssignmentSessionLocator assignment-take&inprogress=false Calculator (Appendix 4A) Journal Entries, Job Costs Instructions Chart of Accounts Amount Descriptions Journal Job-Order Cost Sheets Instructions The following transactions occurred during the month of April for Nelson Company 1 Purchased materials costing $4.610 on account 3 Requisitioned materials totaling $4,800 for use in production, $3,170 for Job 518 and the remainder for Job 519 14 Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519 for the month Direct laborers are paid at the rate of $14 per hour Applied overhead using a plantwide rate of $6.20 per direct labor hour 15 25 27 30 Incurred and paid in cash actual overhead for the month of S973 Completed and transferred Job 518 to Finished Goods Sold on account Job 517, which had been completed and transferred to Finished Goods in March, for cost ($2.770) plus 25% (Enter this as two transactions.) ( Previous N

Answer 1

1)		Journal Entries
	Trans	Accounting titles & Explanations				Debit	Credit
	a.	Raw materials				4,610
		Accounts payable					4,610
	b.	Work in process				4,800
		Raw materials inventory					4,800
	c.	Work in process				2170
		Factory labor					2,170
		(65+90)*14
	d.	Work in process				961
		Factory overhead					961
		(65+90)*6.20
	e.	Factory overhead				973
		cash					973
2)		Job cost sheet
				job 518	job 519	total
	Direct materials			3,170	1630	4,800
	direct labor			910	1260	2170
	overhead applied			403	558	961
	total			4,483	3448	7,931
	f.	Finished goods				4,483
		work in proces					4,483
	g.	Cost of goods sold				2,770
		Finished goods					2,770
		Accounts receivable				3462.5
		sales (2,770*125%)					3,462.50
3)		Cost of goods manufactured
	beginning raw materials				1,025
	Add purchases				4,610
	less ending raw materials				835
	raw materials used					4,800
	direct labor					2,170
	overhead applied					961
	total manufacturing cost					7,931
	add beginning work in process					0
	less ending work in process					3,448
	cost of goods manufactured					4,483