MAChap4_handoutproblem1

MAChap4_handoutproblem1 - -Job No. 1: $900-Job No. 2:...

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Job-Costing System – The Flow of Costs Example Part A During the first month of operations, Sandy Tool & Die accumulated the following manufacturing costs: - Raw materials: $3,000 on account - Factory labour: $5,000, of which $4,500 relates to factory wages payable and $500 relates to payroll taxes payable - Utilities payable: $2,000 Required: Prepare journal entries for each type of manufacturing cost. Part B In January, Sandy Tool & Die requisitions raw materials for production as follows:
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Unformatted text preview: -Job No. 1: $900-Job No. 2: $1,200-Job No. 3: $500-General factory use: $600 Required: Prepare summary journal entry to record the raw materials used. Part C Factory labour data for Sandy Tool & Die was given in part A. During January, time tickets show that factory labour of $5,000 was used as follows: Job No. 1, $1,200; Job no. 2, $1,600, Job No. 3, $1,700; and general factory use, $500. Required: Prepare a summary journal entry to record factory labour used....
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This note was uploaded on 11/04/2011 for the course ACTG 1P11 taught by Professor Nchasse during the Fall '11 term at Brock University, Canada.

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