State the journal entries necessary to record the above transactions in the general journal:- For direct materials used and for indirect material issued to production in February- For total manufacturing labour incurred in February and other manufacuring overhead incurred-To assign manufacturing labour to the appropriate accounts-For manufacturing overhead applied to production for February, given that Finemanufacturing company worked 2,750 machine hours. The Fielder manufacturing company uses job order costing system. The company usesmachine hours to apply overhead cost to jobs. At the beginning of 202o, the companyestimated that 7,850 machine hours would be worked and s1,256,00o overhead cost wouldbe incurred during 2020.The following activities took place in the work in process inventory during February:WIP Inventory A/CFebruary 1 Bal.Direct Materials Usedb/f51,250256,400Other transactions incurred:Indirect material issued to production was $38,000Total manufacturing labour incurred in February was s345,000, 80% of this amountrepresented direct labour.Other manufacturing overhead costs incurred for February amounted to $340,75o.Two jobs were completed with total costs of s324,000 & S240,000 respectively. Theywere sold on account at a margin of 40% on sales.

INTRODUCTION Job costing is specific order costing. It is applied on situation where goods &…

Answered: State the journal entries necessary to…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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State the journal entries necessary to record the above transactions in the general journal:
- For direct materials used and for indirect material issued to production in February
- For total manufacturing labour incurred in February and other manufacuring overhead incurred
-To assign manufacturing labour to the appropriate accounts
-For manufacturing overhead applied to production for February, given that Fine
manufacturing company worked 2,750 machine hours.

The Fielder manufacturing company uses job order costing system. The company uses
machine hours to apply overhead cost to jobs. At the beginning of 202o, the company
estimated that 7,850 machine hours would be worked and s1,256,00o overhead cost would
be incurred during 2020.
The following activities took place in the work in process inventory during February:
WIP Inventory A/C
February 1 Bal.
Direct Materials Used
b/f
51,250
256,400
Other transactions incurred:
Indirect material issued to production was $38,000
Total manufacturing labour incurred in February was s345,000, 80% of this amount
represented direct labour.
Other manufacturing overhead costs incurred for February amounted to $340,75o.
Two jobs were completed with total costs of s324,000 & S240,000 respectively. They
were sold on account at a margin of 40% on sales.

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