trca4596
May 4, 2012, 12:38 PM
Ive been stuck on this problem for close to a week. I have put the job sheets together but need help figuring out how to prepare the journal entries to record the events and transactions.
Not sure on how to do these: (just explaining what they mean or kind of account would be very helpful too.)
a. materials requisitions record use of following materials:
Job 1 : 30,000
Job 2 : 20,000
Job 3 : 12,000
Job 4 : 14,000
Job 5 : 4,000
Total mats : 80,000 Indirect mats : 12,000
Total mats used: 92,000
b. time tickets record use of the following labor:
Job 1 : 8,000
Job 2 : 7,000
Job 3 : 25,000
Job 4 : 26,000
Job 5 : 2,000
Total labors : 68,000 Indirect labor : 16,000
Total mats used: 84,000
c. allocated overhead to jobs 1, 3 and 4 (no idea what this means)
d. transferred jobs to 1, 3, and4 to finished goods.
-thinking this means to debit finished goods but not sure what amount.
Please help with this. I have more "events" but these are the only ones I don't get.
Not sure on how to do these: (just explaining what they mean or kind of account would be very helpful too.)
a. materials requisitions record use of following materials:
Job 1 : 30,000
Job 2 : 20,000
Job 3 : 12,000
Job 4 : 14,000
Job 5 : 4,000
Total mats : 80,000 Indirect mats : 12,000
Total mats used: 92,000
b. time tickets record use of the following labor:
Job 1 : 8,000
Job 2 : 7,000
Job 3 : 25,000
Job 4 : 26,000
Job 5 : 2,000
Total labors : 68,000 Indirect labor : 16,000
Total mats used: 84,000
c. allocated overhead to jobs 1, 3 and 4 (no idea what this means)
d. transferred jobs to 1, 3, and4 to finished goods.
-thinking this means to debit finished goods but not sure what amount.
Please help with this. I have more "events" but these are the only ones I don't get.