takemehigher
Jun 27, 2008, 06:48 AM
can you figure this out? i have been trying for hours and cannot do it.
Kenworth COmpany uses a job order costing system. Only three jobs - job 105, 106 and 107--were worked on during november and december. job 105 was completed on dec. 10; the other two jobs were still in production on december 31, the end of the companys operating year. data from the job sheets of the three jobs are given below:
Job 105 Job 106 job 107
November costs
Direct materials $16,500 $9300 $0
Direct labor $13000 $7000 $0
Manufac. Overhead $20800 $11,200 $0
December costs
Direct materials $0 $8200 $21300
Direct labor $4000 $6000 $10000
Manufac. Overhead ? ? ?
Additional information:
a. manufacturing overhead is applied to jobs on the basis of direct labor cost
b. balances in the inventory accounts at november 30 were as follows:
Raw materials: $40,000
Work in process: ?
Finished goods: $85,000
Required:
1. Prepare t-accounts for raw materials, work in process, finished goods, and manufacturing overhead. Enter the Nov. 30 inventory balance given above; in the case of work in process, compute the balance and enter it into the work in process t-account.
2. prepare journal entries for december as follows:
a. prepare an entry to record the issue of materials into production and post the entry to appropriate t accounts. In the case of direct materials, it is not necessary to make a separate entry for each job. Indirect materials used during december totaled $4000.
b. Prepare an entry to record the incurrence of labor cost and post the entry to appropriate t accounts. in the case of direct labor cost, it is not necessary to make a separate entry for each job. Indirect labor cost totaled $8,000 for december.
c. Prepare an entry to record the incurrence of $19,000 in various actual manufacturing overhead costs for december.
Can anyone figure this out? My email is rcdektar20@<hidden> if you can do it.
Kenworth COmpany uses a job order costing system. Only three jobs - job 105, 106 and 107--were worked on during november and december. job 105 was completed on dec. 10; the other two jobs were still in production on december 31, the end of the companys operating year. data from the job sheets of the three jobs are given below:
Job 105 Job 106 job 107
November costs
Direct materials $16,500 $9300 $0
Direct labor $13000 $7000 $0
Manufac. Overhead $20800 $11,200 $0
December costs
Direct materials $0 $8200 $21300
Direct labor $4000 $6000 $10000
Manufac. Overhead ? ? ?
Additional information:
a. manufacturing overhead is applied to jobs on the basis of direct labor cost
b. balances in the inventory accounts at november 30 were as follows:
Raw materials: $40,000
Work in process: ?
Finished goods: $85,000
Required:
1. Prepare t-accounts for raw materials, work in process, finished goods, and manufacturing overhead. Enter the Nov. 30 inventory balance given above; in the case of work in process, compute the balance and enter it into the work in process t-account.
2. prepare journal entries for december as follows:
a. prepare an entry to record the issue of materials into production and post the entry to appropriate t accounts. In the case of direct materials, it is not necessary to make a separate entry for each job. Indirect materials used during december totaled $4000.
b. Prepare an entry to record the incurrence of labor cost and post the entry to appropriate t accounts. in the case of direct labor cost, it is not necessary to make a separate entry for each job. Indirect labor cost totaled $8,000 for december.
c. Prepare an entry to record the incurrence of $19,000 in various actual manufacturing overhead costs for december.
Can anyone figure this out? My email is rcdektar20@<hidden> if you can do it.