JOB ORDER COSTING TRANSACTIONS B & L Enterprises makes garage doors. During the month of February, the company had four job orders: 303, 304, 305, and 306. Overhead was applied at predetermined rates, while actual factory overhead was recorded as incurred. All four jobs were completed.

(a) Purchased raw materials on account, $40,000.

(b) Issued direct materials to production:

Job No. 303: $8,000

Job No. 304: 9,000

Job No. 305: 7,000

Job No. 306: 8,500

(c) Issued indirect materials to production, $5,000.

(d) Incurred direct labor costs:

Job No. 303: $5,000

Job No. 304: 4,000

Job No. 305: 4,800

Job No. 306: 5,200

(e) Charged indirect labor to production, $3,100.

(f) Paid electricity, heating oil, and repair bills for the factory and charged to production, $4,900.

(g) Applied factory overhead to each of the jobs using a predetermined factory overhead rate as follows:

Job No. 303: $3,000

Job No. 304: 3,500

Job No. 305: 3,000

Job No. 306: 3,500

(h) Finished Job Nos. 303–306 and transferred to the finished goods inventory account as products J, K, L, and M.

(i) Sold products J, K, L, and M for $19,000, $18,500, $16,000, and $18,300, respectively.

REQUIRED

1. Prepare general journal entries to record transactions (a) through (i).

2. Post the entries to the work in process and finished goods T accounts only.