U Store It produces customized storage buildings that serve the midwest U.S. market. For February 2001, the

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U Store It produces customized storage buildings that serve the midwest U.S. market. For February 2001, the company incurred the following costs:

U Store It produces customized storage buildings that serve the

The February beginning balance in Work in Process Inventory was $4,200, which consisted of $2,800 for Job #217 and $1,400 for Job #218. The February beginning balance in Direct Material Inventory was $12,300.
Actual overhead is applied to jobs on the basis of direct labor cost. Job #217 was completed and transferred to finished goods during February. It was then sold for cash at 140 percent of cost.
a. Prepare journal entries to record the above information.
b. Determine the February ending balance in Work in Process Inventory and the amount of the balance related to Job #218.

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Cost Accounting Traditions and Innovations

ISBN: 978-0324026450

4th edition

Authors: Barfield Jesse, Raiborn Cecily, Kinney Michael

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