Blink, Inc. is a manufacturer that uses a job-order costing system. At the beginning of April...

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Blink, Inc. is a manufacturer that uses a job-order costing system. At the beginning of April 2020, Blink had two jobs in process, Job v and Job w. During April 2020, Blink continued working on Job v and w, but also began working on 3 additional jobs: Job X, Job Y, and Job z. Costs for these five jobs arelisted below: Job V Job W Job X Job Y Job z Balances on April 1, 2020: Direct materials $7,000 50 $11,600 55,940 54,455 Direct labor $3,100 52,325 so 50 Applied OH (75% of DL) Costs incurred during April Direct materials $37,410 $18,020 59,005 $2,980 $? $29,575 $34,995 S20,500 $21,530 Direct labor Lpplied OH (75% of DL cost) Status on April 30, 2020 $16,400 5? 59,620 S? Finished (unsald) Finished (sold) In process Finished (umold) In process Blink provided additional information for April: • Job w was sold to a customer on account for $135,000 in April • Raw materials inventory (direct and indirect), beginning balance on 4/1/2020: $39,440 • Raw materials (direct and indirect) purchased in April 2020: $126,950 • Finished goods inventory, beginning balance on 4/1/2020: S0 • Actual Factory OH costs incurred in April: Indirect materials = 54,033; Indirect labor = $7,085; Factory rent = $7,200; Factory utilities = $780; Factory equipment depreciation = $31,500 • The predetermined OH rate is 75% of DL costs. a. (1pt) Determine: The amount of FactoryOH applied to each job during April. b. (8pts) Preparejournal entries for the month of April to record the below transactions (make sure to use proper journal entry formatting and indude a brief description of each entry). 1) Raw materials purchases (on credit). 2) Direct materials used in production during April. 3) Direct labor used in production during April (credit Factory Wages Payable). 4) Overhead costs applied during April. 5) Transfer of Jobs Vv,w, and Y to Finished Goods inventory. 6) Revenue from the sale of Job w. 7) Cost of goods sold for Job w. 8) Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account (Assume the amount is not material). . (3pts) Determine the April 30" balances of the firm's three inventory accounts: 1) Raw Materials Inventory account 2) work in Process (WIP) Inventory account 3) Finished Goods inventory account Blink, Inc. is a manufacturer that uses a job-order costing system. At the beginning of April 2020, Blink had two jobs in process, Job v and Job w. During April 2020, Blink continued working on Job v and w, but also began working on 3 additional jobs: Job X, Job Y, and Job z. Costs for these five jobs arelisted below: Job V Job W Job X Job Y Job z Balances on April 1, 2020: Direct materials $7,000 50 $11,600 55,940 54,455 Direct labor $3,100 52,325 so 50 Applied OH (75% of DL) Costs incurred during April Direct materials $37,410 $18,020 59,005 $2,980 $? $29,575 $34,995 S20,500 $21,530 Direct labor Lpplied OH (75% of DL cost) Status on April 30, 2020 $16,400 5? 59,620 S? Finished (unsald) Finished (sold) In process Finished (umold) In process Blink provided additional information for April: • Job w was sold to a customer on account for $135,000 in April • Raw materials inventory (direct and indirect), beginning balance on 4/1/2020: $39,440 • Raw materials (direct and indirect) purchased in April 2020: $126,950 • Finished goods inventory, beginning balance on 4/1/2020: S0 • Actual Factory OH costs incurred in April: Indirect materials = 54,033; Indirect labor = $7,085; Factory rent = $7,200; Factory utilities = $780; Factory equipment depreciation = $31,500 • The predetermined OH rate is 75% of DL costs. a. (1pt) Determine: The amount of FactoryOH applied to each job during April. b. (8pts) Preparejournal entries for the month of April to record the below transactions (make sure to use proper journal entry formatting and indude a brief description of each entry). 1) Raw materials purchases (on credit). 2) Direct materials used in production during April. 3) Direct labor used in production during April (credit Factory Wages Payable). 4) Overhead costs applied during April. 5) Transfer of Jobs Vv,w, and Y to Finished Goods inventory. 6) Revenue from the sale of Job w. 7) Cost of goods sold for Job w. 8) Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account (Assume the amount is not material). . (3pts) Determine the April 30" balances of the firm's three inventory accounts: 1) Raw Materials Inventory account 2) work in Process (WIP) Inventory account 3) Finished Goods inventory account

Answer rating: 100% (QA)

A Job Job V Job W Job X Job Y Job Z Total Beginning Work in progress Direct material 7000 11600 0 0 0 18600 Direct labor 3100 5940 0 0 0 9040 Applied ... View the full answer