Problem 12-13A (Algo) Job-order costing system LO 12-2Baird Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,100 of raw materials andworked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.)Job 1Job 2Job 3TotalDirect RawMaterials Used$ 1,1001,8003,200$ 6,100Direct Labor$ 2,1003,9002,000$ 8,000Factory overhead is applied using a predetermined overhead rate of $0.70 per direct labor dollar. Jobs 2 and 3 were completed duringthe period and Job 3 was sold for $10,800 cash. Baird paid $600 for selling and administrative expenses. Actual factory overhead was$6,000.Requireda. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example.c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that theamount is insignificant.d-1. Prepare a schedule of cost of goods manufactured and sold for Year 1.d-2. Prepare an income statement for Year 1.d-3. Prepare a balance sheet for Year 1.

Job costing is a method of costing where in all the costs like direct materials, direct labor and…

Baird Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,100 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Job 1 Job 2 Job 3 Total Direct Raw Materials Used $ 1,100 1,800 3,200 $ 6,100 Direct Labor $ 2,100 3,900 2,000 $ 8,000

Baird Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,100 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Job 1 Job 2 Job 3 Total Direct Raw Materials Used $ 1,100 1,800 3,200 $ 6,100 Direct Labor $ 2,100 3,900 2,000 $ 8,000

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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ok ht D ences Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,000 in raw materials were purchased for cash. b. $71,700 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,900 were incurred and paid. Of this amount, $134,900 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,400 were incurred and paid. e. Manufacturing overhead of $127,100 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2.…
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