Question: Accounting problem - Based on my answers below please do the part b. (Preparing a Journal entry) Thanks Problem 2-3 Job-Order Costing: Inventory Accounts and
Accounting problem - Based on my answers below please do the part b. (Preparing a Journal entry) Thanks


Problem 2-3 Job-Order Costing: Inventory Accounts and Cost of Goods Sol Smith Die Company manufactures cutting dies for the shoe industry. Each set of dies is custom designed to a customer's templates. During the first week of May, six orders were received from customers. They were assigned ob numbers 1005-1010. The following transactions occurred during the first week of May. -Smith Die purchased steel on account from Eastern City Steel $ 5,500 The company received and paid for supplies (indirect materials) from Mallard Supply Material requisitions indicated that materials were issued to the factory floor and labor time $2,400 Direct Job Number Materials Indirect Materials Direct Labor Indirect Labor 1005 1006 1007 1008 1009 1010 $650 850 1,550 650 450 $1,600 2,000 3,300 1,400 900 700 $9,900 Totals $4,500 $1,000 $6,500 Overhead was applied to all jobs in process based on direct labor cost Jobs 1005, 1006, 1007, and 1008 were completed and transferred to finished goods. Jobs 1005, 1006, 1007 and 1008 were shipped to customers and billed at of total job costs 180% 150% Required a. Calculate the total cost of each job 1005 1006 1007 1008 1009 1010 Direct material $ Direct labor Mfg. overhead 650 $ 1,600 2,880 5,130 6,450 10,790 $ 850 $ 1,550 $ 2,000 3,600 650 $ 1,400 2,520 450 $ 350 700 1,260 3,300 5,940 900 1,620 4,570 $ 2,970$2,310 Do-this-part b. Prepare journal entries to record the above information. DR CR To record the purchase of steel To record the purchase of supplies lo record materials used in production To record labor To record overhead applied to production To record the cost of jobs completed To record the sale of finished goods
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