Homework Help is Here – Start Your Trial Now!
Business
Accounting
I need the answer as soon as possible

I need the answer as soon as possible

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
I need the answer as soon as possible
E2.8 : Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. • Prepare entries for manufacturing and non manufacturing costs. 1. Materials purchased on account $192,000, and factory wages incurred S87,30o. 2. Materials requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 $35,240 $18,000 A21 $42,920 $22,000 A22 $36,100 $15,000 A23 $39,270 $25,000 Gereral Factory use $4470 $7,300 $158,000 $87,300 1. Manufacturing overhead costs incurred on account $49,500. 2. Depreciation on factory equipment $14,550. 3. Deprecation on the company office's builcing was $14,300 4. Manufacturing overhead rate is 90% of direct labor cost. 5. Jobs completed during the quarter: A20,421 & A23. Instructions: Prepare entries to record the operations summarized above. Prepare a schedule showirg the individual cost elements and total cost for each job in item 7.
Transcribed Image Text:E2.8 : Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. • Prepare entries for manufacturing and non manufacturing costs. 1. Materials purchased on account $192,000, and factory wages incurred S87,30o. 2. Materials requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 $35,240 $18,000 A21 $42,920 $22,000 A22 $36,100 $15,000 A23 $39,270 $25,000 Gereral Factory use $4470 $7,300 $158,000 $87,300 1. Manufacturing overhead costs incurred on account $49,500. 2. Depreciation on factory equipment $14,550. 3. Deprecation on the company office's builcing was $14,300 4. Manufacturing overhead rate is 90% of direct labor cost. 5. Jobs completed during the quarter: A20,421 & A23. Instructions: Prepare entries to record the operations summarized above. Prepare a schedule showirg the individual cost elements and total cost for each job in item 7.
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS