answer quickly Bahrain Manufacturing Company employs a job order cost accounting system andkeeps perpetual inventory records. The following transactions occurred in the firstmonth of operations:1. Direct materials requisitioned during the month:Job 11$40,000Job 2232,000Job 33_48,000$120.0002. Direct labor incurred and charged to jobs during the month was: (Direct laborwage rate was $10 per hour).Job 11$60,000Job 2250,000Job 33_40,000$150.0003. Manufacturing overhead was allocated at $30 per direct labor hour.4. Actual manufacturing overhead costs incurred during the month amounted to$140,000.5. Job 11 consisting of 500 units and Job 33 consisting of 400 units werecompleted during the month.Instructionsa) Prepare journal entries to record the above transactionsb) Compute the unit cost of Jobs 11 and 33.1c) Calculate the over/under allocated balance and prepare the adjusting entry if thedifference material (important) and the ending balances were cost of goods sold50,000; finished goods 40,000 and work in process 10,000.

Journal entries refer to the systematic documentation of the financial transactions of a company in…

Bahrain Manufacturing Company employs a job order cost accounting system and zeeps perpetual inventory records. The following transactions occurred in the firs month of operations: 1. Direct materials requisitioned during the month: Job 11 S40,000 Job 22 32,000 Job 33 48,000

Bahrain Manufacturing Company employs a job order cost accounting system and zeeps perpetual inventory records. The following transactions occurred in the firs month of operations: 1. Direct materials requisitioned during the month: Job 11 S40,000 Job 22 32,000 Job 33 48,000

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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