Weaver Company uses a job order cost accounting system. They had the following amounts in inventory...

 

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Weaver Company uses a job order cost accounting system. They had the following amounts in inventory on January 1: Material Work in Process: Finished Goods $14,000 23,000 5,000 Prepare the journal entries for the following chronological events which took place in January: a. Sold products which cost $4,000 for $9,400 on account. b. Paid sales commission of $188. C. Paid and used $2,000 of rent on the building (just for the month of January). The factory occupies 70% of the total building space. d. Used $4,000 of direct material e. Paid $9,000 of direct labor f. Allocated factory overhead costs to products as 60% of direct labor costs. g. Completed jobs which cost $24,200 h. Paid wages of $500 to the office secretary and $400 to factory maintenance worker. i. Used $80 of indirect material. j. Purchased and paid for $2,400 of direct materials. k. Paid $1,000 for advertising. 1. Recorded depreciation for the month as follows: Factory equipment $3,000 Office equipment 600 m. Based upon your journal entries above, prepare a schedule of cost of goods manufactured for January. Any overallocated or underallocated overhead will be shown as an adjustment to cost of goods SOLD at the end of the YEAR Weaver Company uses a job order cost accounting system. They had the following amounts in inventory on January 1: Material Work in Process: Finished Goods $14,000 23,000 5,000 Prepare the journal entries for the following chronological events which took place in January: a. Sold products which cost $4,000 for $9,400 on account. b. Paid sales commission of $188. C. Paid and used $2,000 of rent on the building (just for the month of January). The factory occupies 70% of the total building space. d. Used $4,000 of direct material e. Paid $9,000 of direct labor f. Allocated factory overhead costs to products as 60% of direct labor costs. g. Completed jobs which cost $24,200 h. Paid wages of $500 to the office secretary and $400 to factory maintenance worker. i. Used $80 of indirect material. j. Purchased and paid for $2,400 of direct materials. k. Paid $1,000 for advertising. 1. Recorded depreciation for the month as follows: Factory equipment $3,000 Office equipment 600 m. Based upon your journal entries above, prepare a schedule of cost of goods manufactured for January. Any overallocated or underallocated overhead will be shown as an adjustment to cost of goods SOLD at the end of the YEAR

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Here are the journal entries a Sales Revenue 9400 Inventory Finished Goods 4000 Accounts Receivab... View the full answer