Journal Entries, T-AccountsKapoor Company uses job-order costing. During January, the following data were reported:Materials purchased on account: direct materials, $97,500; indirect materials, $14,800.Materials issued: direct materials, $83,500; indirect materials, $ 8,800.Labor cost incurred: direct labor, $66,000; indirect labor, $17,670.Other manufacturing costs incurred (all payables), $46,200.Overhead is applied on the basis of 110 percent of direct labor cost.Work finished and transferred to Finished Goods Inventory cost $235,600.(1) Finished goods costing $212,000 were (2) sold on account for 150 percent of cost. Make the entry to record the cost of the jobs first, followed by the entry to record the revenue from their sale.Any over- or underapplied overhead is closed to Cost of Goods Sold.Required: 2. Prepare a T-account for Overhead Control. Post the entries to the T-account in the same order in which they were journalized. If an amount is zero, enter "0". What is theending balance in this account?Overhead ControlBalanceBalance3. Prepare a T-account for Work-in-Process Inventory. Assume a beginning balance of $10,000, and post the entries to the T-account in the same order in which they werejournalized.Work in Process InventoryBalance 1. Prepare journal entries to record these transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.a.b.C.d.9 (1).9 (2).h.

A technique for allocating and aggregating manufacturing expenses of a particular unit of output is…

Answered: Journal Entries, T-Accounts Kapoor…

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Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journal Entries, T-Accounts

Kapoor Company uses job-order costing. During January, the following data were reported:

Materials purchased on account: direct materials, $97,500; indirect materials, $14,800.
Materials issued: direct materials, $83,500; indirect materials, $ 8,800.
Labor cost incurred: direct labor, $66,000; indirect labor, $17,670.
Other manufacturing costs incurred (all payables), $46,200.
Overhead is applied on the basis of 110 percent of direct labor cost.
Work finished and transferred to Finished Goods Inventory cost $235,600.
(1) Finished goods costing $212,000 were (2) sold on account for 150 percent of cost. Make the entry to record the cost of the jobs first, followed by the entry to record the revenue from their sale.
Any over- or underapplied overhead is closed to Cost of Goods Sold.

Required: