xyz is a small jeweler making custom wedding rings. before the start of the month, xyz had a ring for alicce in process with gold costs of $2500. no labor has been applied to Alice's ring at the beginning of the month.
xyz starts 2 more rings during the month, for betty and cindy. xyz purchases $10000(10ozs) of gold and $15000(3 stones) of diamonds to prepare for these rings.
Each ring requires 2.5 ounces of gold and 1 diamond. the rings sells for $10000 each. each ring require 4 hours of labor by a master jeweler at $100 per hour Overhead is applied at 15% of direct labor costs. during the month there was $2000 over other overhead paid for with cash.
a. enter the journal entry for the purchases
b. all of the materials were issued for betty and cindy's ring. enter the journal entry
c. all of the labor for alice and betty's rings were complete, but cindys is only 50% complete. enter the journal entry
d. enter the entry to record cash paid for overhead
e. allocate the appropriate overhead to all 3 jobs
f. what is the balance for alice job? betty job?
g. enter the journal entry to record the transfer from WIP to finished good
h. alice comes in and pays chas. enter the sales and inventory entry
i. betty comes in and takes the ring "on account". enter the appropriate entry
j what is ending balance in WIP
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