accounting

Project Description:

accounting pls let me know your cost

cascade company uses a job order cost system. on january 1, 2013, job no. 25 was the only job in process. the cost incurred prior to january 1 on this job were as follows: direct materials, $10,000; direct labor $6,000; and manufacturing overhead $9,000. job no. 23 had been completed at a cost of $42,000 and was part of finished goods inventory. there was a $5,000 balance in the raw materials inventory account.
during the month of january, the company began production on jobs 26 and 27, and completed jobs 25 and 26. jobs 23 and 25 were sold on account during the month for $63,000 and $74,000, respectively. the following additional events occurred during the month.
1. purchased additional raw materials of $45,000 on account.
2. incurred factory labor costs of $33,500. of this amount, $7,500 related to
employer payroll taxes.
3. incurred manufacturing overhead costs as follows: indirect materials
$10,000; indirect labor $9,500; depreciation expense on equipment $12,000; and various other manufacturing overhead costs on account $11,000.
4. assigned direct materials, direct labor and manufacturing overhead to jobs as follows:
required:
(1) prepare the journal entries to record the purchase of raw materials, factory labor costs incurred and manufacturing overhead costs incurred during the month of january.
(2) prepare the journal entries to record the task of direct materials, direct labor, and manufacturing overhead costs to production.
(3) total the productions costs (direct materials, direct labor and manufacturing overhead) for each job. prepare the journal entry (or entries to record the completion of any job(s) during the month.
(4) prepare the journal entry (or entries) to record the sale of any job(s) during the month.
(5) what is the balance in the work in process inventory account at the end of the month? what does this balance consist of?
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Price Type: Negotiable

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