Requirement 2 Complete the following job cost sheet for the partially completed

Requirement 2 complete the following job cost sheet

This preview shows page 5 - 9 out of 16 pages.

Requirement 2:Complete the following job cost sheet for the partially completed Lexington Gardens Project. (Omit the "$" sign in your response.)
5.Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, it was estimated that the company would work 567,000 machine-hours and incur $4,252,500 in manufacturing overhead costs.The company spent the entire month of January working on a large order for 8,000 custom made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow:
a.Raw materials purchased on account, $319,000.b.Raw materials requisitioned for production, $257,000 (80% direct materials and 20% indirect materials).c.Labor cost incurred in the factory, $165,000 (one-third direct labor and two-thirds indirect labor).d.Depreciation recorded on factory equipment, $63,900.e.Other manufacturing overhead costs incurred, $84,600 (credit Accounts Payable).f.Manufacturing overhead cost was applied to production on the basis of 40,710 machine-hours actually worked during the month.g.The completed job was moved into the finished goods warehouse on January 31 to await delivery to the customer. (In computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor, and appliedoverhead.)Requirement 1:Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment]. (Omit the "$" sign in your response.) General Journal Debit Credit a. Raw materials Accounts payable b. Work in process Manufacturing overhead Raw materials c. Work in process Manufacturing overhead Wages and salaries payable d. Manufacturing overhead Accumulated depreciation e. Manufacturing overhead Accounts payable f. Work in process

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture