Auto Safe's job cost sheet for Job A40 shows that the total cost to add security features to a car was $11,500. The car was delivered to the customer, who paid $16,200 cash for this job. Prepare the journal entries for Job A40 to record (a) its completion and (b) its sale. View transaction list Journal entry worksheet < 1 2 3 Record transfer of cost of completed job to Finished Goods.

Auto Safe's job cost sheet for Job A40 shows that the total cost to add security features to a car was $11,500. The car was delivered to the customer, who paid $16,200 cash for this job. Prepare the journal entries for Job A40 to record (a) its completion and (b) its sale. View transaction list Journal entry worksheet < 1 2 3 Record transfer of cost of completed job to Finished Goods.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 12E: Gerken Fabrication Inc. uses the job order cost system of accounting. The following information was...

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Auto Safe's job cost sheet for Job A40 shows that the total cost to add security features to a car was $15,000. The car was delivered to the customer, who paid $19,700 cash for this job. Prepare the journal entries for Job A40 to record (a) its completion and (b) its sale. View transaction list Journal entry worksheet 1 2 Record transfer of cost of completed job to Finished Goods. Transaction a 3 Note: Enter debits before credits. General Journal Debit Credit
Clemens Cars’s job cost sheet for Job A40 shows that the cost to add security features to a car was $15,000. The car was delivered to the customer, who paid $19,700 in cash for the added features. What journal entries should Clemens record for the completion and delivery of Job A40? a) Record transfer of cost of completed job to Finished Goods b) Record the cost of goods sold c) Record sale price of delivered job paid in cash
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Clemens Cars’s job cost sheet for Job A40 shows that the cost to add security features to a car was $10,500. The car was delivered to the customer, who paid $14,900 in cash for the added features. What journal entries should Clemens record for the completion and delivery of Job A40?
Auto Safe's job cost sheet for Job A40 shows that the total cost to add security features to a car was $18,000. The car was delivered to the customer, who paid $22,700 cash for this job. Prepare the journal entries for Job A40 to record (a) its completion and (b) its sale.
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Required information Use the following information to answer questions [The following information applies to the questions displayed below] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Rav materials Work in process $37,000 9,100 65,000 51,000 20,300 34,500 Finished goods Activities and information for May Rav materiale purchases (paid with cash) Factory payroll (paid with cash) 177,000 200,000 Factory overhead 12,000 Indirect materials Indirect labor 46,000 Other overhead costs 103,500 Sales (received in cash) 1,900,000 Predetermined overhead rate based on direct labor cost 554 Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, P4 Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used. 2. Cost of direct labor used. 3. Cost of goods manufactured 4. Cost of goods sold." 5. Gross profit. 6.…
Gerken Fabrication Inc. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of March: a. Compute the total production cost of each job. b. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process. c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. d. Compute the unit cost of each job. e. Compute the selling price per unit for each job, assuming a mark-on percentage of 50%.
Now that your worksheet has been saved as JOB2, fill in the appropriate data for Job 8961. Save the results as JOB8961 and print the completed job cost sheet when done. Check figure: Cost of Job 8961 (cell G31), 16,229.35.
Leen Production Co. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of May: a. Compute the total production cost of each job. b. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. c. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%. d. Prepare the journal entries to record the sale of Job 1065.
Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: The average shop direct labor rate is 37.50 per hour. Determine the predetermined shop overhead rate per direct labor hour.
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