CENGAGENOWV2 FOR HEINTZ/PARRY'S COLLEGE
22nd Edition
ISBN: 9781305669840
Author: Parry
Publisher: IACCENGAGE
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Question
Chapter 26, Problem 9SPB
1.
To determine
Prepare general journal entries to record transactions (a) through (i).
1.
Expert Solution
Explanation of Solution
Job order costing is one of the methods of cost accounting under which cost is collected and gathered for each job, work order, or project separately. It is a system by which a factory maintains a separate record of each particular quantity of product that passes through the factory. Job order costing is used when the products produced are significantly different from each other.
Prepare
Date | Accounts title and explanation |
Debit ($) |
Credit ($) |
a. | Material | 44,000 | |
Accounts payable | 44,000 | ||
(To record the purchase of materials on account.) | |||
b. | Work in process | 8,200 | |
Work in process | 9,100 | ||
Work in process | 7,300 | ||
Work in process | 8,500 | ||
Materials | 33,100 | ||
(To record direct materials incurred for the job: job no.501, 502,503,504) | |||
c. | Factory | 5,000 | |
Materials | 5,000 | ||
(To record the issuance of indirect materials) | |||
d. | Work in process | 4,800 | |
Work in process | 4,100 | ||
Work in process | 4,800 | ||
Work in process | 5,000 | ||
Wages payable | 18,700 | ||
(To record direct labor incurred for the job: job no.501, 502,503,504) | |||
e. | Factory overhead | 3,300 | |
Wages payable | 3,300 | ||
(To record the indirect labor charged to production) | |||
f. | Factory overhead | 5,200 | |
Cash | 5,200 | ||
(To record the payment of electricity bill, heating oil, and repairs bills for the factory and charge made to production) | |||
g. | Work in process | 3,100 | |
Work in process | 3,300 | ||
Work in process | 3,300 | ||
Work in process | 3,800 | ||
Factory overhead | 13,500 | ||
(To record applied factory overhead to the job: job no.501,502,503,504) | |||
h. | Finished goods (Product W) | 16,100 | |
Work in process | 16,100 | ||
(To record the transfer of Job no. 501 to Product W) | |||
Finished goods (Product X) | 16,500 | ||
Work in process | 16,500 | ||
(To record the transfer of Job no.502 to Product X) | |||
Finished goods (Product Y) | 15,400 | ||
Work in process | 15,400 | ||
(To record the transfer of Job no.503 to Product Y) | |||
Finished goods (Product Z) | 17,300 | ||
Work in process | 17,300 | ||
(To record the transfer of Job no.504 to Product Z) | |||
i. | 17,500 | ||
Sales | 17,500 | ||
(To record sale of product W) | |||
Cost of goods sold | 16,100 | ||
Finished goods (Product W) | 16,100 | ||
(To record cost of goods sold on finished goods of Product W) | |||
Accounts receivable | 18,000 | ||
Sales | 18,000 | ||
(To record sale of product X) | |||
Cost of goods sold | 16,500 | ||
Finished goods (Product X) | 16,500 | ||
(To record cost of goods sold on finished goods of Product X) | |||
Accounts receivable | 16,900 | ||
Sales | 16,900 | ||
(To record sale of product Y) | |||
Cost of goods sold | 15,400 | ||
Finished goods (Product Y) | 15,400 | ||
(To record cost of goods sold on finished goods of Product Y) | |||
Accounts receivable | 19,000 | ||
Sales | 19,000 | ||
(To record sale of product Z) | |||
Cost of goods sold | 17,300 | ||
Finished goods (Product Z) | 17,300 | ||
(To record cost of goods sold on finished goods of Product Z) |
(Table 1)
2.
To determine
2.
Expert Solution
Explanation of Solution
Post the entries to the work in process and finished goods T accounts.
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Chapter 26 Solutions
CENGAGENOWV2 FOR HEINTZ/PARRY'S COLLEGE
Ch. 26 - Prob. 1TFCh. 26 - Prob. 2TFCh. 26 - Prob. 3TFCh. 26 - Prob. 4TFCh. 26 - Prob. 5TFCh. 26 - Prob. 1MCCh. 26 - Prob. 2MCCh. 26 - When total anticipated factory overhead is 500,000...Ch. 26 - When direct labor hours for Job 101 are 30 and the...Ch. 26 - Prob. 5MC
Ch. 26 - Prob. 1CECh. 26 - Prob. 2CECh. 26 - Prob. 3CECh. 26 - Prob. 1RQCh. 26 - Prob. 2RQCh. 26 - Prob. 3RQCh. 26 - Prob. 4RQCh. 26 - Prob. 5RQCh. 26 - Prob. 6RQCh. 26 - Prob. 7RQCh. 26 - Prob. 8RQCh. 26 - Prob. 9RQCh. 26 - Prob. 10RQCh. 26 - Prob. 11RQCh. 26 - Prob. 12RQCh. 26 - Prob. 13RQCh. 26 - Prob. 14RQCh. 26 - Prob. 15RQCh. 26 - COST OF GOODS SOLD SECTION The following...Ch. 26 - SCHEDULE OF COST OF GOODS MANUFACTURED The...Ch. 26 - JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD...Ch. 26 - JOURNAL ENTRIES FOR FACTORY OVERHEAD Huang Company...Ch. 26 - PREDETERMINED FACTORY OVERHEAD RATE Millerlile...Ch. 26 - JOURNAL ENTRIES FOR MATERIAL, LABOR, OVERHEAD, AND...Ch. 26 - SCHEDULE OF COST OF GOODS MANUFACTURED AND COST OF...Ch. 26 - JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD...Ch. 26 - JOB ORDER COSTING TRANSACTIONS Stonestreet...Ch. 26 - JOB ORDER COSTING WITH UNDER- AND OVERAPPLIED...Ch. 26 - COST OF GOODS SOLD SECTION The following...Ch. 26 - SCHEDULE OF COST OF GOODS MANUFACTURED The...Ch. 26 - JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD...Ch. 26 - JOURNAL ENTRIES FOR FACTORY OVERHEAD Bandy Company...Ch. 26 - PREDETERMINED FACTORY OVERHEAD RATE Marston...Ch. 26 - JOURNAL ENTRIES FOR MATERIAL, LABOR, OVERHEAD, AND...Ch. 26 - SCHEDULE OF COST OF GOODS MANUFACTURED AND COST OF...Ch. 26 - Prob. 8SPBCh. 26 - Prob. 9SPBCh. 26 - Prob. 10SPBCh. 26 - Prob. 1MYWCh. 26 - Forester Manufacturing Company uses a job order...Ch. 26 - Prob. 1CP
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