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Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below. Assume the company bids its pools at total manufacturing cost plus an additional 29 percent. Job Number: 1324 Date Started: July 8 Date Completed: September 9 Description: Drayna Pool Direct Materials Requisition Number MR 3345 MR 3372 MR 4251 MR 4263 MR 5236 Amount $ 1,490 930 1,200 1,760 1,990 $ 7,370 Direct Materials Cost Direct Labor Cost Applied Manufacturing Overhead Total Cost Ticket TT 335 TT 340 TT 385 TT 385 TT 445 Job Cost Sheet Direct Labor Hours 23 39 22 33 34 151 Amount $ 485.30 822.90 464.20 696.30 717.40 $3,186.10 Cost Summary $ 7,370.00 3,186.10 ? Applied Manufacturing Overhead Hours ? Rate ? Amount ? The company applies overhead to jobs at a rate of $10.55 per direct labor hour. Required: Prepare journal entries to record cost of goods sold and sales revenue for Job 1324. Assume the total cost of Job 1324 is currently in the Finished Goods Inventory Account and that the Draynas paid for the pool with cash. Note: Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.

Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below. Assume the company bids its pools at total manufacturing cost plus an additional 29 percent. Job Number: 1324 Date Started: July 8 Date Completed: September 9 Description: Drayna Pool Direct Materials Requisition Number MR 3345 MR 3372 MR 4251 MR 4263 MR 5236 Amount $ 1,490 930 1,200 1,760 1,990 $ 7,370 Direct Materials Cost Direct Labor Cost Applied Manufacturing Overhead Total Cost Ticket TT 335 TT 340 TT 385 TT 385 TT 445 Job Cost Sheet Direct Labor Hours 23 39 22 33 34 151 Amount $ 485.30 822.90 464.20 696.30 717.40 $3,186.10 Cost Summary $ 7,370.00 3,186.10 ? Applied Manufacturing Overhead Hours ? Rate ? Amount ? The company applies overhead to jobs at a rate of $10.55 per direct labor hour. Required: Prepare journal entries to record cost of goods sold and sales revenue for Job 1324. Assume the total cost of Job 1324 is currently in the Finished Goods Inventory Account and that the Draynas paid for the pool with cash. Note: Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter4: Job-order Costing And Overhead Application
Section: Chapter Questions
Problem 42E: Source Documents For each of the following independent situations, give the source document that...
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Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below. Assume the company bids its pools at total manufacturing cost plus an additional 29 percent. Job Number: 1324 Date Started: July 8 Date Completed: September 9 Description: Drayna Pool Direct Materials. Requisition Number MR 3345 MR 3372 MR 4251 MR 4263 MR 5236 Amount $ 1,490 930 1,200 1,760 1,990 $ 7,370 Direct Materials Cost Direct Labor Cost Applied Manufacturing Overhead Total Cost Ticket TT 335 TT 340 TT 385 TT 385 TT 445 Job Cost Sheet Direct Labor Hours Amount $ 485.30 822.90 23 39 22 33 34 151 $3,186.10 464.20 696.30 717.40 Cost Summary $ 7,370.00 3,186.10 ? Applied Manufacturing Overhead Hours ? The company applies overhead to jobs at a rate of $10.55 per direct labor hour. Rate ? Amount ? Required: Prepare journal entries to record cost of goods sold and sales revenue for Job 1324. Assume the total cost of Job 1324 is currently in the Finished Goods Inventory Account and that the Draynas paid for the pool with cash. Note: Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.
Transcribed Image Text:Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below. Assume the company bids its pools at total manufacturing cost plus an additional 29 percent. Job Number: 1324 Date Started: July 8 Date Completed: September 9 Description: Drayna Pool Direct Materials. Requisition Number MR 3345 MR 3372 MR 4251 MR 4263 MR 5236 Amount $ 1,490 930 1,200 1,760 1,990 $ 7,370 Direct Materials Cost Direct Labor Cost Applied Manufacturing Overhead Total Cost Ticket TT 335 TT 340 TT 385 TT 385 TT 445 Job Cost Sheet Direct Labor Hours Amount $ 485.30 822.90 23 39 22 33 34 151 $3,186.10 464.20 696.30 717.40 Cost Summary $ 7,370.00 3,186.10 ? Applied Manufacturing Overhead Hours ? The company applies overhead to jobs at a rate of $10.55 per direct labor hour. Rate ? Amount ? Required: Prepare journal entries to record cost of goods sold and sales revenue for Job 1324. Assume the total cost of Job 1324 is currently in the Finished Goods Inventory Account and that the Draynas paid for the pool with cash. Note: Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.
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