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  • May 10, 2012, 08:48 PM
    Keitaro
    Cost Accounting Help
    Custom Cabinets Inc. manufactures goods on a job order basis.
    During the month of November, three jobs were started. (There was no work
    In process at the beginning of the month.) Jobs 401 and 402 were completed
    And sold for $14,500 and $19,000, respectively, during the month; Job 403
    Was still in process at the end of November.

    The following data are taken from the job cost sheets for each job.
    Factory overhead charges include a total of $900 of indirect materials
    And $600 of indirect labor. One work in process control account is used.

    ------------------------Job 401----------Job 402-----------Job 403
    Direct Materials----- $3200------------$3800------------$2000
    Direct Labor--------- $2400------------$3500------------$1500
    Factory Overhead-- $1250------------$2000------------$ 850

    Prepare a journal entry to record each of the following;
    a. Materials used
    b. Factory wages and salaries earned
    c. Factory Overhead transferred to Work in Process
    d. Jobs completed
    e. Jobs sold


    I need help and explanations for steps to solving this, I'm completely lost even at the first few levels of cost accounting...

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