Please need help with this general accounting question Harper Tools Inc. uses a job-costing system. The following information wasrecorded for the month of June:Added during June:JobJune1 Work-in-Process DirectDirectManuf.No.InventoryMaterialsLabor101$3,000$900$700102$2,000$1,100$1,200103$1,200$1,300$1,600104$1,000$1,800$2,400•••Manufacturing overhead is applied at 90% of direct materials cost.Jobs 101, 103, and 104 were completed and transferred to Finished GoodsInventory during June.Jobs 101 and 104 were shipped to customers.What is the Work-in-Process Inventory balance at June 30?

Step 1: Definition of Work-in-Process (WIP) InventoryWork-in-Process (WIP) inventory refers to…

Answered: Harper Tools Inc. uses a job-costing…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

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Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4PB: Summary information from a companys job cost sheets shows the following information: What are the...

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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.
Bruce's work in process inventory balance on June 30 was___.
General Accounting
Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account.
Use the following information for the next two questions: Sur Company uses a job-order costing system and has the following data available: $78,000 $0 Beginning Direct Materials Inventory Beginning Work-In-Process Inventory Beginning Finished Goods Inventory Direct materials purchased on account Direct materials used $10,000 $444,000 $270,000 $390,000 $438,000 140% Overhead application rate (based on direct labor cost) All work-in-process inventory during this period was completed and sold. 36. Direct labor cost incurred Factory overhead incurred The journal entry to record the actual factory overhead costs incurred would include a A) Debit to Cash, Accounts Payable etc. for $438,000 B) Debit to Factory Department Overhead Control for $438,000 C) Credit to Factory Department Overhead Control for $546,000 D) Credit to Work-In-Process Inventory for $546,000 37. The journal entry to record the factory overhead costs applied would include a A) Credit to Cash, Accounts Payable etc. for…
The Bruce Corporation used a job-order costing system. The following data were recorded for june:
What are the balances for the Work-in-Process Inventory fot Sept. 30; Finished Goods Inventory for Sept. 30 and the Cost of Goods Sold for September? Below is a pic of the assignment I'm working on
Hello, I need some assistance with required question 3 at bottom of the first document. I'm having trouble with the Schedule of Cost of Goods Sold. I attached the Journal Entry I did if it helps.
Wildhorse Company begins the month of March with $22,100 of Work in Process Inventory from Job 324. Information from job cost sheets shows the following additional costs assigned during March, April, and May of 2022: Manufacturing Costs Assigned Job No. March April May 324 $33,800 325 26,000 $36,400 $19,500 326 53,300 14,300 327 20,800 50,700 328 44,200 66,300 Job 324 was completed in March. Jobs 325 and 327 were completed in May, and Job 326 was completed in April. Jobs are sold during the month after completion. Total revenue for jobs sold during the 3-month period is $188,500.Calculate the balance of the Work in Process Inventory accounts at the end of May. Work in Process Inventory Accounts Job 328 $ Calculate Finished Goods Inventory accounts at the end of May. Finished Goods Inventory Accounts Job 325 $ Job 327 $
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The Bruce Corporation uses a job-order costing system
Please see the attachment for data Question : Prove the agreement fo Work in Process Inventory with job cost sheets pertaining unfinished work. (hint: use a single T-account for Work In Process Inventory). Calculate each of the following, then post each to the T-account : (1) Beginning Balance, (2) Direct Material, (3) Direct Labor, (4) Manufacturing Overhead, and (5) Completed Jobs Thanks in advance

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