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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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