4. Krawl Company uses a job order cost system. The following data summarizes the operations related...

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4. Krawl Company uses a job order cost system. The following data summarizes the operations related to production for June 20X1, the first month of operations. a. Materials purchased on account for $550,000 b. Materials requisitioned and factory labor used: Job # Materials 101 $13,800 Factory Labor $13,875 102 16,500 20,100 103 9,600 10,000 104 27,300 26,100 105 I 12,900 11,100 106 12,800 13,350 For gen factory use 6,150 14,400 c. Factory overhead costs incurred on account, $4,125 d. Depreciation of machinery & equipment, $2,800. e. The factory overhead rate is $38 per machine hour. Machine hours used: Job # Machine Hours 101 110 102 114 103 90 104 170 105 114 106 124 Total 722 f. Jobs completed: 101, 102; 103; 105 g. Jobs were shipped and customers were billed as follows: Job # 101 102 105 Billing Amount $39.200 50,400 35,400 Instructions: 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Determine the ending balance of the inventory accounts 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. 4. Krawl Company uses a job order cost system. The following data summarizes the operations related to production for June 20X1, the first month of operations. a. Materials purchased on account for $550,000 b. Materials requisitioned and factory labor used: Job # Materials 101 $13,800 Factory Labor $13,875 102 16,500 20,100 103 9,600 10,000 104 27,300 26,100 105 I 12,900 11,100 106 12,800 13,350 For gen factory use 6,150 14,400 c. Factory overhead costs incurred on account, $4,125 d. Depreciation of machinery & equipment, $2,800. e. The factory overhead rate is $38 per machine hour. Machine hours used: Job # Machine Hours 101 110 102 114 103 90 104 170 105 114 106 124 Total 722 f. Jobs completed: 101, 102; 103; 105 g. Jobs were shipped and customers were billed as follows: Job # 101 102 105 Billing Amount $39.200 50,400 35,400 Instructions: 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Determine the ending balance of the inventory accounts 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.

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Here are the journal entries 1 Materials Purchase Materials Inventory 550... View the full answer