Homework Help is Here – Start Your Trial Now!
Business
Accounting
Micro Enterprises had the following job order transactions during the month of April. Record the transactions in T-accounts, including issuance of materials, labor, and factory overhead applied; completed jobs sent to finished goods inventory, closing of the under- or over-applied factory overhead to the cost of goods sold account, and sales of finished goods. Calculate the Gross Profit on Job 33. Apr 1 Purchased materials on account, $35,000 10 Issued direct materials to Job 33, $10,000 11 Issued direct materials to Job 34, $8,000 12 Issued direct materials to Job 35, $11,000, issued indirect materials of $1,500 25 Incurred direct labor: Job 33, S6,000, Job 34, $4,000, Job 35, $5,000 25 Incurred indirect labor of $5,000 25 Applied factory overhead: Job 33, $6,500, Job 34, $2,200, Job 35, $2,600 30 Transferred Job # 33 and 34 to the finished goods inventory account as products F and G 30 Sold products F for $35,000 30 Other actual factory overhead incurred during the month: $4220

Micro Enterprises had the following job order transactions during the month of April. Record the transactions in T-accounts, including issuance of materials, labor, and factory overhead applied; completed jobs sent to finished goods inventory, closing of the under- or over-applied factory overhead to the cost of goods sold account, and sales of finished goods. Calculate the Gross Profit on Job 33. Apr 1 Purchased materials on account, $35,000 10 Issued direct materials to Job 33, $10,000 11 Issued direct materials to Job 34, $8,000 12 Issued direct materials to Job 35, $11,000, issued indirect materials of $1,500 25 Incurred direct labor: Job 33, S6,000, Job 34, $4,000, Job 35, $5,000 25 Incurred indirect labor of $5,000 25 Applied factory overhead: Job 33, $6,500, Job 34, $2,200, Job 35, $2,600 30 Transferred Job # 33 and 34 to the finished goods inventory account as products F and G 30 Sold products F for $35,000 30 Other actual factory overhead incurred during the month: $4220

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

acc3

Micro Enterprises had the following job order transactions during the month of April. Record the transactions in T-accounts, including issuance of materials, labor, and factory overhead applied; completed jobs sent to finished goods inventory, closing of the under- or over-applied factory overhead to the cost of goods sold account, and sales of finished goods. Calculate the Gross Profit on Job 33. Apr 1 Purchased materials on account, $35,000 10 Issued direct materials to Job 33, $10,000 11 Issued direct materials to Job 34, $8,000 12 Issued direct materials to Job 35, $11,000, issued indirect materials of $1,500 25 Incurred direct labor: Job 33, $6,000, Job 34, $4,000, Job 35, $5,000 25 Incurred indirect labor of $5,000 25 Applied factory overhead: Job 33, $6,500, Job 34, $2,200, Job 35, $2,600 30 Transferred Job # 33 and 34 to the finished goods inventory account as products F and G 30 Sold products F for $35,000 30 Other actual factory overhead incurred during the month: $4220
Transcribed Image Text:Micro Enterprises had the following job order transactions during the month of April. Record the transactions in T-accounts, including issuance of materials, labor, and factory overhead applied; completed jobs sent to finished goods inventory, closing of the under- or over-applied factory overhead to the cost of goods sold account, and sales of finished goods. Calculate the Gross Profit on Job 33. Apr 1 Purchased materials on account, $35,000 10 Issued direct materials to Job 33, $10,000 11 Issued direct materials to Job 34, $8,000 12 Issued direct materials to Job 35, $11,000, issued indirect materials of $1,500 25 Incurred direct labor: Job 33, $6,000, Job 34, $4,000, Job 35, $5,000 25 Incurred indirect labor of $5,000 25 Applied factory overhead: Job 33, $6,500, Job 34, $2,200, Job 35, $2,600 30 Transferred Job # 33 and 34 to the finished goods inventory account as products F and G 30 Sold products F for $35,000 30 Other actual factory overhead incurred during the month: $4220
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost Sheet
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
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