Question: During January its first month of operations Knox Tool
During January, its first month of operations, Knox Tool & Die accumulated the following manufacturing costs: raw materials $4,000 on account, factory labor $6,000 of which $5,200 relates to factory wages payable and $800 relates to payroll taxes payable, and utilities payable $2,000. Prepare separate journal entries for each type of manufacturing cost.
Answer to relevant QuestionsIn January, Knox Tool & Die requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,400, Job 3 $700, and general factory use $600. Prepare a summary journal entry to record raw materials used.In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $20,000 and Job 11 $30,000. On March 31, Job 10 is sold to the customer for $35,000 in cash. Journalize the entries for the completion of the two jobs and the ...Stine Manufacturing uses a job order costing system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of ...Tierney Company begins operations on April 1. Information from job cost sheets shows the following.Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% ...Pedriani Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor hours. On January 1, 2012, Job No. 25 was the only job in process. The costs incurred prior to January 1 on ...
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