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Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $235,220 and total machine hours at 61,900. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each Job: Direct materials used Direct labor Machine hours View transaction list Job 101 $ 10,500 $ 16,300 Journal entry worksheet 1,900 hours Job 102 $ 8,700 $ 6,900 2,900 hours Job 103 $ 4,800 $ 4,500 1,400 hours Total $ 24,000 $ 27,700 Job 101 was completed and sold for $51,700. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $18,960. Required: 1. Prepare a journal entry showing the transfer of Job 102 Into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Do not round your Intermediate calculations. 6,200 hours

Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $235,220 and total machine hours at 61,900. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each Job: Direct materials used Direct labor Machine hours View transaction list Job 101 $ 10,500 $ 16,300 Journal entry worksheet 1,900 hours Job 102 $ 8,700 $ 6,900 2,900 hours Job 103 $ 4,800 $ 4,500 1,400 hours Total $ 24,000 $ 27,700 Job 101 was completed and sold for $51,700. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $18,960. Required: 1. Prepare a journal entry showing the transfer of Job 102 Into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Do not round your Intermediate calculations. 6,200 hours

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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Journal entry worksheet B < с Record the transfer of the manufacturing overhead account balance to cost of goods sold. Note: Enter debits before credits. Transaction 03 Record entry D General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Journal entry worksheet B < с Record the transfer of the manufacturing overhead account balance to cost of goods sold. Note: Enter debits before credits. Transaction 03 Record entry D General Journal Clear entry Debit Credit View general journal
Acco Journal entry worksheet < Transaction 02.a B Record the cost of goods sold. Note: Enter debits before credits. Record entry Show Transcribed Text Direct materials used Direct labor Machine hours с View transaction list < A D General Journal Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $235,220 and total machine hours at 61,900. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each Job: Journal entry worksheet Record entry Clear entry B C Note: Enter debits before credits. Transaction 01 $ 10,500 $ 16,300 Job 101 D 1,900 hours Debit Job 101 was completed and sold for $51,700. Job 102 was completed but not sold. Job 103 is still process. Actual overhead costs recorded during the first month of operations totaled $18,960. Required: 1. Prepare a journal entry showing the transfer of Job 102 Into Finished Goods Inventory upon its completion. 2. Prepare the Journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld. Do not round your Intermediate calculations. 3 General Journal Record the transfer of completed job 102 to finished goods inventory. Clear entry View general journal Job 102 $ 8,700 $ 6,900 2,900 hours Credit Debit Job 103 $ 4,800 $ 4,500 1,400 hours Credit View general journal Total > $ 24,000 $ 27,700 6,200 hours
Transcribed Image Text:Acco Journal entry worksheet < Transaction 02.a B Record the cost of goods sold. Note: Enter debits before credits. Record entry Show Transcribed Text Direct materials used Direct labor Machine hours с View transaction list < A D General Journal Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $235,220 and total machine hours at 61,900. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each Job: Journal entry worksheet Record entry Clear entry B C Note: Enter debits before credits. Transaction 01 $ 10,500 $ 16,300 Job 101 D 1,900 hours Debit Job 101 was completed and sold for $51,700. Job 102 was completed but not sold. Job 103 is still process. Actual overhead costs recorded during the first month of operations totaled $18,960. Required: 1. Prepare a journal entry showing the transfer of Job 102 Into Finished Goods Inventory upon its completion. 2. Prepare the Journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld. Do not round your Intermediate calculations. 3 General Journal Record the transfer of completed job 102 to finished goods inventory. Clear entry View general journal Job 102 $ 8,700 $ 6,900 2,900 hours Credit Debit Job 103 $ 4,800 $ 4,500 1,400 hours Credit View general journal Total > $ 24,000 $ 27,700 6,200 hours
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