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2) prepare the following journal entries!

2) prepare the following journal entries!

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please answer question number 2) prepare the following journal entries! plZ urgently
please answer question number 2) prepare the following journal entries! Ms. Rolle places an order with ABC Inc. for the purchase of bikes to ship to Hong Kong. This job passes through three Departments of ABC Inc. ABC Inc. purchases materials for $15,000.00. The job will be sold for $32,575 and the information on costs is given in the next slide. Dept. X Dept Y Dept. Z Materials Issued $8,000 $1,000 $500 for Job Direct Labor 1,000 2,000 5,000 Rate of Direct $1.00 $1.50 $2.00 Labor per hour Scrap materials $1,000 $150 $100 Total overhead for $10,000 $15,000 $25,000 the departments 30,000 40,000 Total labor hours 10,000 for the departments 1. COMPLETE THE JOB COST SHEET 2. PREPARE THE FOLLOWING JOURNAL ENTRIES: A. The purchase of the raw materials on account. B. The usage of raw materials in production C. The usage of direct labor D. The application of overhead cost E. Tranfer of total cost from Work-in-progress to Finished Goods F. To acccount for the Sale of this job
Transcribed Image Text:please answer question number 2) prepare the following journal entries! Ms. Rolle places an order with ABC Inc. for the purchase of bikes to ship to Hong Kong. This job passes through three Departments of ABC Inc. ABC Inc. purchases materials for $15,000.00. The job will be sold for $32,575 and the information on costs is given in the next slide. Dept. X Dept Y Dept. Z Materials Issued $8,000 $1,000 $500 for Job Direct Labor 1,000 2,000 5,000 Rate of Direct $1.00 $1.50 $2.00 Labor per hour Scrap materials $1,000 $150 $100 Total overhead for $10,000 $15,000 $25,000 the departments 30,000 40,000 Total labor hours 10,000 for the departments 1. COMPLETE THE JOB COST SHEET 2. PREPARE THE FOLLOWING JOURNAL ENTRIES: A. The purchase of the raw materials on account. B. The usage of raw materials in production C. The usage of direct labor D. The application of overhead cost E. Tranfer of total cost from Work-in-progress to Finished Goods F. To acccount for the Sale of this job
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