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Actual overhead costs recorded during the firs Required: 1. Prepare a journal entry showing the transfer 2. Prepare the journal entries to recognize the 3. Prepare the journal entry to transfer the bala Note: If no entry is required for a transacti your intermediate calculations.

Actual overhead costs recorded during the firs Required: 1. Prepare a journal entry showing the transfer 2. Prepare the journal entries to recognize the 3. Prepare the journal entry to transfer the bala Note: If no entry is required for a transacti your intermediate calculations.

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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Subject: accounting 

Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $226,440 and total machine hours at 62,900. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours View transaction list Job 101 $ 11,700 $ 16,600 Journal entry worksheet BCD A 1,000 hours Job 102 $ 7,900 $6,400 2,400 hours Job 101 was completed and sold for $50,500. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $10,840. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Job 103 $ 5,800 $ 5,100 1,000 hours Rerned the transfer of completed inh 102 to finished nnnde inventon Total $ 25,400 $ 28,100 4,400 hours
Transcribed Image Text:Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $226,440 and total machine hours at 62,900. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours View transaction list Job 101 $ 11,700 $ 16,600 Journal entry worksheet BCD A 1,000 hours Job 102 $ 7,900 $6,400 2,400 hours Job 101 was completed and sold for $50,500. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $10,840. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Job 103 $ 5,800 $ 5,100 1,000 hours Rerned the transfer of completed inh 102 to finished nnnde inventon Total $ 25,400 $ 28,100 4,400 hours
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