Ch 5 Journal Entries for Job Costing - worksheet & solution

Ch 5 Journal Entries for Job Costing - worksheet & solution

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Beginnining Balance are as follows: Raw Materials Inventory - $3,125, Work-In-Process Inventory - $5,400, Finished Goods Inventory - $0 1 . Purchased raw materials costing $2,500 on account. 5 . Incurred actual overhead cost of $3,500. Account Name DR CR Account Name DR CR 2 . Requisitioned materials costing $2,610 for use in production. Account Name DR CR 6 . Account Name DR CR 3 7 . Sold job #79 at cost plus 50%. Account Name DR CR Account Name DR CR 4 8 . Closed underapplied overhead to Cost of Goods Sold. Account Name DR CR Account Name DR CR . Recognized direct labor costing $4,120 and supervisor salaries costing $1,850 (i.e. it was not paid in cash but was shown as a liability in the wages payable account). . Applied overhead to production at the rate of 125% of direct labor dollars.
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Liabilities Raw Materials Inventory Work-In-Process Inventory Accounts Payable Wages Payable Finished Goods Inventory Overhead Control Lease Payable
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This note was uploaded on 10/20/2011 for the course ACC 222 taught by Professor Brewer during the Spring '08 term at Miami University.

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Ch 5 Journal Entries for Job Costing - worksheet & solution

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