questions 1-2 please 4. Krawl Company uses a job order cost system. The following data summarizes the operations related toproduction for June 20X1, the first month of operations.a. Materials purchased on account for $550,000b. Materials requisitioned and factory labor used:Factory Labor$13,87520,10010,00026,10011,10013,35014,400Job #Materials101$13,80016,5009,60027,30012,90012,8006,150102103104105106For gen factory usec. Factory overhead costs incurred on account, $4,125d. Depreciation of machinery & equipment, $2,800e. The factory overhead rate is $38 per machine hour. Machine hours used:Job #Machine Hours10111010211410390104170105114106124Total722f. Jobs completed: 101, 102; 103; 105g. Jobs were shipped and customers were billed as follows:Billing Amount$39.20050,40035,400Job #101102105Instructions:1. Journalize the entries to record the summarized operations.2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using theidentifying letters as dates. Determine the ending balance of the inventory accounts3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.4. Prepare a schedule of completed jobson hand to support the balance in the finished goodsасcount.

1. Journal entries to record the summarized operations Date Account title and explanation Debit…

Krawl Company uses a job order cost system. The following data summarizes the operations related to production for June 20X1, the first month of operations. a. Materials purchased on account for $550,000 b. Materials requisitioned and factory labor used: LI T Factory Labor $13,875 20,100 10,000 26,100 11,100 13,350 14,400 Job # Materials $13,800 16,500 9,600 27,300 12,900 12,800 6,150 101 102 103 104 105 106 For gen factory use c. Factory overhead costs incurred on account, $4,125 d. Depreciation of machinery & equipment, $2,800 e. The factory overhead rate is $38 per machine hour. Machine hours used: Job # Machine Hours 101 110 102 114 103 90 104 170 105 114 124 106 Total 722 f. Jobs completed: 101, 102; 103; 105 g. Jobs were shipped and customers were billed as follows: Billing Amount $39.200 Job # 101 50,400 35,400 102 105 Instructions: 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Determine the ending balance of the inventory accounts

Krawl Company uses a job order cost system. The following data summarizes the operations related to production for June 20X1, the first month of operations. a. Materials purchased on account for $550,000 b. Materials requisitioned and factory labor used: LI T Factory Labor $13,875 20,100 10,000 26,100 11,100 13,350 14,400 Job # Materials $13,800 16,500 9,600 27,300 12,900 12,800 6,150 101 102 103 104 105 106 For gen factory use c. Factory overhead costs incurred on account, $4,125 d. Depreciation of machinery & equipment, $2,800 e. The factory overhead rate is $38 per machine hour. Machine hours used: Job # Machine Hours 101 110 102 114 103 90 104 170 105 114 124 106 Total 722 f. Jobs completed: 101, 102; 103; 105 g. Jobs were shipped and customers were billed as follows: Billing Amount $39.200 Job # 101 50,400 35,400 102 105 Instructions: 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Determine the ending balance of the inventory accounts

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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