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Problem 5 Star Wars Corporation obtains the following information from its records for the month of August: Jobs completed and sold Job 220 P 15,000 P 25,000 50,000 30,000 Job 110 Direct materials cost Direct labor cost Job 330 P 20,000 30,000 20.000 40,000 25,000 Factory overhead

Problem 5 Star Wars Corporation obtains the following information from its records for the month of August: Jobs completed and sold Job 220 P 15,000 P 25,000 50,000 30,000 Job 110 Direct materials cost Direct labor cost Job 330 P 20,000 30,000 20.000 40,000 25,000 Factory overhead

FINANCIAL ACCOUNTING
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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Problem 5 Star Wars Corporation obtains the following information from its records for the month of August: Jobs completed and sold Job 220 P 15,000 P 25,000 50,000 30,000 4,000 25% Job 110 Direct materials cost Direct labor cost Job 330 P 20,000 30,000 20,000 Factory overhead Units manufactured 40,000 25,000 5,000 20% 10,000 GP rate (based on sales) Required: 30% 1. Prepare in summary form, the journal entries that would have been made ring the month to record the above. 2. Prepare the schedules showing the gross profit or loss for August. a. For the business as a whole. b. For each job completed and sold.
Transcribed Image Text:Problem 5 Star Wars Corporation obtains the following information from its records for the month of August: Jobs completed and sold Job 220 P 15,000 P 25,000 50,000 30,000 4,000 25% Job 110 Direct materials cost Direct labor cost Job 330 P 20,000 30,000 20,000 Factory overhead Units manufactured 40,000 25,000 5,000 20% 10,000 GP rate (based on sales) Required: 30% 1. Prepare in summary form, the journal entries that would have been made ring the month to record the above. 2. Prepare the schedules showing the gross profit or loss for August. a. For the business as a whole. b. For each job completed and sold.
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