The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process $15,750 128,050 138,130 72,610 Balance, January 1 Direct materials Direct labor Factory overhead Jobs finished during January are summarized as follows: Job 210 $63,820 Job 224 $74,450 Job 216 39,000 Job 230 138,270 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. 88 b. Determine the cost of the unfinished jobs at January 31.

The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process $15,750 128,050 138,130 72,610 Balance, January 1 Direct materials Direct labor Factory overhead Jobs finished during January are summarized as follows: Job 210 $63,820 Job 224 $74,450 Job 216 39,000 Job 230 138,270 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. 88 b. Determine the cost of the unfinished jobs at January 31.

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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The following account appears in the ledger after only part of the postings have been completed for July, the first month of the current fiscal year: Work in Process Balance, July 1 53,200 Direct materials 147,000 Direct labor 120,000 Factory overhead is applied to jobs at the rate of 60% of direct labor cost. The actual factory overhead incurred for July was $75,000. Jobs completed during the month totaled $301,200. (a) Prepare the journal entries to record: (1) the application of factory overhead to production during July, and (2) the jobs completed during July. (b) What is the balance ($ amount and if it is a DR or CR balance) of the factory overhead account on July 31? (c) Was factory overhead overapplied or underapplied on July 31? (d) Determine the cost of the unfinished jobs on July 31. JOURNAL Date…
solve accurately with all working
I think I'm doing this wrong but for unfinished jobs do I not add materials, labor, and overhead and the subtract the completed jobs from it?
Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $17,970 Direct materials 146,100 Direct labor 157,600 Factory overhead 82,840 Jobs finished during January are summarized as follows: Job 210 $72,810 Job 224 $84,950 Job 216 44,500 Job 230 149,670 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank.
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Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $11,420 Direct materials 92,840 Direct labor 100,150 Factory overhead 52,650 Jobs finished during January are summarized as follows: Job 210 $46,270 Job 224 $53,980 Job 216 28,280 Job 230 97,680 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - b. Determine the cost of the unfinished jobs at January 31.$fill in the blank 14d786ff9fe8ffc_1
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Automation Co. has the following activity for the month of June: June 1, Work in Process Direct materials used Direct labor assigned to jobs Manufacturing overhead assigned to jobs 20,000 $ 22,000 $ 28,000 $ 26,000 Two jobs were finished during June, Job 142 and 143 costing $38,000 and $20,000, respectively. The journal entry to record the completion of the two jobs would include a debit/credit to Work in Process for how much? Indicate debit as a positive amount and a credit as a negative amount. Enter without commas or dollar signs, rounded to the nearest whole number.
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