Problem

Riverside Engineering is a machine shop that uses job order costing. Overhead is applied t...

Riverside Engineering is a machine shop that uses job order costing. Overhead is applied to individual jobs at a predetermined rate based on direct labor costs. The job cost sheet for job no. 321 appears below.

JOB COST SHEET

JOB NUMBER:321

DATE STARTED: May 10

PRODUCT: 2’’Brass Check Valves

DATE COMPLETED: May 21

UNITS COMPLETED:4,000

 

 

Direct materials used 

$ 7,720

Direct labour                                             

1,400

Manufacturing overhead applied 

3,080

Total cost of job no 321 

$12,200

Unit cost ($12,200 -r- 4,000 units)

$3.05

Prepare general journal entries to:

a. Summarize the manufacturing costs charged to job no. 321. (Use one compound entry.)


b. Record the completion of job no. 321.


c.Record the credit Sale of2,100 units job no. 321 at a unit sales price of $5. Record ina separate entry the related cost of goods sold.

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