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 of 2.300 units from job no. 321 at a unit sales price of $10. Record in a separate entry the related cost of goods sold. Prepare general Journal entries to the above statements: (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.)
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 of 2.300 units from job no. 321 at a unit sales price of $10. Record in a separate entry the related cost of goods sold. Prepare general Journal entries to the above statements: (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 17.3 (Algo) Journal Entries in Job Order Costing (LO17-1, LO17-2, LO17-3, LO17-4, LO17-5)
King Tool 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 following is a job cost sheet for job no. 321.
JOB COST SHEET
JOB NUMBER: 321
PRODUCT: 2 Brass Check Valves
UNITS COMPLETED: 5,000
Direct materials used
Direct labor
Manufacturing overhead applied
Total cost of job no. 321
Unit cost ($11,388 + 5,000 units)
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 of 2.300 units from job no. 321 at a unit sales price of $10. Record in a separate entry the related cost of
goods sold.
View transaction list
Prepare general Journal entries to the above statements: (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
Journal entry worksheet
1
Record the manufacturing costs incurred on job no. 321.
Note: Enter debits before credits.
Transaction
a.
DATE STARTED: May 10
DATE COMPLETED: May 21
Record entry
General Journal
$ 7,100
1,100
3,100
$11,300
$ 2.26
Clear entry
Debit Credit
View general Journal
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