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Bluetech Inc. specializes in produc

Bluetech Inc. specializes in produc

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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Q2. Bluetech Inc. specializes in producing and packaging digital instrument and control panel for the entertainment industry. Bluetech uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $15,500. b. Materials requisitioned and labor used: Items Job No.100 Job No.101 Job No.102 Job No.103 Instructions) 980 3,420 1,000 2,100 For general factory use 450 c. Factory overhead incurred on account: $2,700 d. Depreciation of machinery, $1,750. e. Factory overhead is applied at a rate of 70% of direct labor cost. f. Jobs completed: Nos. 100, 101, 102, 104. Materials $2,650 1,240 Job No.104 Job No.105 Factory Labor $1,770 650 420 1,900 500 1,760 650 g. Jobs 100, 101, and 102 were shipped, and customers were billed for $8,100, $3,800, and $3,500, respectively. 1. Journalize the entries to record the transactions identified above. 2. Determine the account balances for Work in Process and Finished Goods. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.
Transcribed Image Text:Q2. Bluetech Inc. specializes in producing and packaging digital instrument and control panel for the entertainment industry. Bluetech uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $15,500. b. Materials requisitioned and labor used: Items Job No.100 Job No.101 Job No.102 Job No.103 Instructions) 980 3,420 1,000 2,100 For general factory use 450 c. Factory overhead incurred on account: $2,700 d. Depreciation of machinery, $1,750. e. Factory overhead is applied at a rate of 70% of direct labor cost. f. Jobs completed: Nos. 100, 101, 102, 104. Materials $2,650 1,240 Job No.104 Job No.105 Factory Labor $1,770 650 420 1,900 500 1,760 650 g. Jobs 100, 101, and 102 were shipped, and customers were billed for $8,100, $3,800, and $3,500, respectively. 1. Journalize the entries to record the transactions identified above. 2. Determine the account balances for Work in Process and Finished Goods. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.
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