Post the relevant items from your journal entries to thesaccounts.3. Prepare a journal entry for item (g) above.4. If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be inclucost of goods sold for February?Answer is not complete.Complete the question by entering your answers in the tabs below.Required 1Required 2Required 3Required 4If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will beincluded in cost of goods sold for February? (Round your intermediate calculations to 2 decimal places and final answer to thenearest whole dollar amount.)Portion of job cost included in cost of goods sold45 X< Required 3 Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system andapplies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a Cost formula toestimate that it would incur $4,232,800 in manufacturing overhead cost at an activity level of 572,000 machine-hours.The company spent the entire month of January working on a large order for 12,700 custom-made machined parts. The company hadno work in process at the beginning of January. Cost data relating to January follow:a. Raw materials purchased on account, $321,000.b. Raw materials used in production, $271,000 (80% direct materials and 20% indirect materials).c. Labor cost accrued in the factory, $168,000 (one-third direct labor and two-thirds indirect labor). .d. Depreciation recorded on factory equipment, $62,400.e. Other manufacturing overhead costs incurred on account, $84,100.f. Manufacturing overhead cost was applied to production on the basis of 40,880 machine-hours actually worked during the month.g. The completed job for 12,700 custom-made machined parts was moved into the finished goods warehouse on January 31 to awaitdelivery to the customer. (In computing the dollar amount for this entry, remember that the cost of a completed job consists of directmaterials, direct labor, and applied overhead.)Required:1. Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment].2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these T-accounts.3. Prepare a journal entry for item (g) above.4. If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included incost of goods sold for February?

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Description: Post the relevant items from your journal entries to thesaccounts.3. Prepare a journal entry for item (g) above.4. If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be inclucost of

Cost of goods sold are manufactured or purchased then its sold.it include qll expenses incurred on…

Business

Accounting

Post the relevant items from your journal entric accounts. 3. Prepare a journal entry for item (g) above. 4. If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost wil cost of goods sold for February? Answer is not complete. Complete the question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February? (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Portion of job cost included in cost of goods sold 45 X < Required 3

Post the relevant items from your journal entric accounts. 3. Prepare a journal entry for item (g) above. 4. If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost wil cost of goods sold for February? Answer is not complete. Complete the question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February? (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Portion of job cost included in cost of goods sold 45 X < Required 3

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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