Following information for the year ended December 31, 2018 isobtained from the books and records of a factory :Completed JobsWork-in-Progress2$$Raw Materials supplied from StoresWagesMaterials transferred to Work-in-Progress1,00,0001,00,0002,0001,00034,00040,0002,000Materials returned to StoresFactory Overheads are 80 per cent of Wages and Administration Overheads 25 per cent ofFactory Cost.The value of the executed jobs during 2018 was $4,10,000.Prepare (i) Consolidated Completed Jobs Account showing the profit made or loss incurred onthe jobs, and also (ii) Consolidated Work-in-Progress Account.

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Description: Following information for the year ended December 31, 2018 isobtained from the books and records of a factory :Completed JobsWork-in-Progress2$$Raw Materials supplied from StoresWagesMaterials transferred to Work-in-Progress1,00,0001,00,0002,0001,00

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Following information for the year ended December 31, 2018 is obtained from the books and records of a factory : Completed Jobs Work-in-Progress 2$ Raw Materials supplied from Stores Wages Materials transferred to Work-in-Progress Materials returned to Stores 1,00,000 1,00,000 2,000 1,000 34,000 40,000 2,000 Factory Overheads are 80 per cent of Wages and Administration Overheads 25 per cent of Factory Cost. The value of the executed jobs during 2018 was $4,10,000. Prepare (i) Consolidated Completed Jobs Account showing the profit made or loss incurred on the jobs, and also (ii) Consolidated Work-in-Progress Account.

Following information for the year ended December 31, 2018 is obtained from the books and records of a factory : Completed Jobs Work-in-Progress 2$ Raw Materials supplied from Stores Wages Materials transferred to Work-in-Progress Materials returned to Stores 1,00,000 1,00,000 2,000 1,000 34,000 40,000 2,000 Factory Overheads are 80 per cent of Wages and Administration Overheads 25 per cent of Factory Cost. The value of the executed jobs during 2018 was $4,10,000. Prepare (i) Consolidated Completed Jobs Account showing the profit made or loss incurred on the jobs, and also (ii) Consolidated Work-in-Progress Account.

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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Create Journal Entries with the following information Hardigree Corporation uses a job-order costing system. The following data relate to thejust completed month's operations Beginning balance in Work in Process $ 36,000(1) Raw materials purchased on account $207,000(2) Direct materials requisitioned for use in production $161,000(3) Indirect materials requisitioned for use in production $ 42,000(4) Direct labor wages incurred $ 87,000(5) Indirect labor wages incurred $101,000(6) Depreciation recorded on factory equipment $ 42,000(7) Additional manufacturing overhead costs incurred $ 57,000(8) Manufacturing overhead costs applied to jobs $219,000(9) Cost of jobs completed and transferred from Work inProcess to Finished Goods$403,000 Please dont provide solution image based thanks