Please avoid solutions image based thanx Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107 were worked on duringNovember and December. Job 105 was completed on December 10; the other two jobs were still in production on December 31, theend of the company's operating year. Data from the job cost sheets of the three jobs follow:November costs incurred:Direct materials.Direct labourManufacturing overheadDecember costs incurred:Direct materialsDirect labourManufacturing overheadRaw MaterialsWork in Process,Finished GoodsJob Cost SheetJob 105 Job 106 Job 107Beg. Bal.$17,900 $10,700 $$14,400 $8,400 $$23,040 $13,440 $Raw Materials$0$ 8,900$ 5,050 $ 6,700??The following additional information is available:a. Manufacturing overhead is applied to jobs on the basis of direct labour cost.b. Balances in the inventory accounts at November 30 were as follows:$44,200$92,000?000$ 24,100$ 11,400?Required:1. Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead. Enter the November 30inventory balances given above; in the case of Work in Process, compute the November 30 balance and enter it into the Work inProcess T-account.Beg. Bal.Work in Process 4. As stated earlier, Job 105 was completed during December. Prepare a journal entry to show the transfer of this job off theproduction line and into the finished goods warehouse. Post the entry to the appropriate T-accounts. (If no entry is required for atransaction/event, select "No journal entry required" in the first account field.)View transaction listJournal entry worksheet<ARecord the entry to show the transfer of work in process to finished goods.Note: Enter debits before credits.Event1Record entryGeneral JournalClear entryDebitCreditView general journal

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Description: Please avoid solutions image based thanx Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107 were worked on duringNovember and December. Job 105 was completed on December 10; the other two jobs were still i

T-accounts are an informal term for a group of financial records that use double-entry accounting.…

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Accounting

Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107 were worked on during November and December. Job 105 was completed on December 10; the other two jobs were still in production on December 31, the end of the company's operating year. Data from the job cost sheets of the three jobs follow: November costs incurred: Direct materials Direct labour Manufacturing overhead December costs incurred: Direct materials. Direct labour Manufacturing overhead Raw Materials Work in Process Finished Goods Job Cost Sheet Job 105 Job 106 Beg. Bal. $17,900 $10,700 $14,400 $ 8,400 $23,040 $13,440 Raw Materials $ 0$ 8,900 $ 5,050 $ 6,700 ? 2 $44,200 $92,000 Job 107 The following additional information is available: a. Manufacturing overhead is applied to jobs on the basis of direct labour cost. b. Balances in the inventory accounts at November 30 were as follows: ? $ $ $ 0 0 0 $ 24,100 $11,400 Required: 1. Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead. Enter the November 30 inventory balances given above; in the case of Work in Process, compute the November 30 balance and enter it into the Work in Process T-account. ? Beg. Bal. Work in Process

Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107 were worked on during November and December. Job 105 was completed on December 10; the other two jobs were still in production on December 31, the end of the company's operating year. Data from the job cost sheets of the three jobs follow: November costs incurred: Direct materials Direct labour Manufacturing overhead December costs incurred: Direct materials. Direct labour Manufacturing overhead Raw Materials Work in Process Finished Goods Job Cost Sheet Job 105 Job 106 Beg. Bal. $17,900 $10,700 $14,400 $ 8,400 $23,040 $13,440 Raw Materials $ 0$ 8,900 $ 5,050 $ 6,700 ? 2 $44,200 $92,000 Job 107 The following additional information is available: a. Manufacturing overhead is applied to jobs on the basis of direct labour cost. b. Balances in the inventory accounts at November 30 were as follows: ? $ $ $ 0 0 0 $ 24,100 $11,400 Required: 1. Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead. Enter the November 30 inventory balances given above; in the case of Work in Process, compute the November 30 balance and enter it into the Work in Process T-account. ? Beg. Bal. Work in Process

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Concept explainers

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure. 

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.

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Question

Please avoid solutions image based thanx

Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107 were worked on during
November and December. Job 105 was completed on December 10; the other two jobs were still in production on December 31, the
end of the company's operating year. Data from the job cost sheets of the three jobs follow:
November costs incurred:
Direct materials.
Direct labour
Manufacturing overhead
December costs incurred:
Direct materials
Direct labour
Manufacturing overhead
Raw Materials
Work in Process,
Finished Goods
Job Cost Sheet
Job 105 Job 106 Job 107
Beg. Bal.
$17,900 $10,700 $
$14,400 $8,400 $
$23,040 $13,440 $
Raw Materials
$
0$ 8,900
$ 5,050 $ 6,700
?
?
The following additional information is available:
a. Manufacturing overhead is applied to jobs on the basis of direct labour cost.
b. Balances in the inventory accounts at November 30 were as follows:
$44,200
$92,000
?
0
0
0
$ 24,100
$ 11,400
?
Required:
1. Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead. Enter the November 30
inventory balances given above; in the case of Work in Process, compute the November 30 balance and enter it into the Work in
Process T-account.
Beg. Bal.
Work in Process

4. As stated earlier, Job 105 was completed during December. Prepare a journal entry to show the transfer of this job off the
production line and into the finished goods warehouse. Post the entry to the appropriate T-accounts. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
<
A
Record the entry to show the transfer of work in process to finished goods.
Note: Enter debits before credits.
Event
1
Record entry
General Journal
Clear entry
Debit
Credit
View general journal

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