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Mark $4\mathrm{.}31$ out of $10\mathrm{.}00$

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Journal entries; assigning costs to jobs; cost accumulation

Ialani Corp. uses a job order costing system for the yachts it constructs. On September $1,$ the company had the following account balances:

$\backslash$table$[[$Raw Material Inventory,$$864,240$

BusinessCourse

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Course Content $/$ Chapter $5/$ Chapter $(5)$ Homework

$1$

$2$

$3$

$4$

$5$

Show all questions on one page

eBook

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Question $5$ Partially correct

Mark $4\mathrm{.}31$ out of $10\mathrm{.}00$

Flag question

Journal entries; assigning costs to jobs; cost accumulation

Ialani Corp. uses a job order costing system for the yachts it constructs. On September $1,$ the company had the following account balances:

$\backslash$table$[[$Raw Material Inventory,$$864,240$

BusinessCourse

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Course Content $/$ Chapter $5/$ Chapter $(5)$ Homework

$09-15$ Job #$75$ was completed, accepted by the customer, and billed at a selling price of cost plus $30$ percent. Selling prices are rounded to the nearest whole dollar.

$09-20$ Paid the following monthly factory bills: utilities, $$102,960$; rent, $$183,560$; and accounts payable $($accrued in August$),$ $$511,680.$

$09-24$ Purchased raw material on account, $$1,622,400.$

$09-25$ Issued $$1,862,640$ of direct material as follows: Job #$78,$ $$402,480$; Job #$82,$ $$552,760$; Job #$86,$ $$907,400$; indirect material issued was $$145,080.$

$09-30$ Recorded additional factory overhead costs as follows: depreciation, $$2,103,400$; expired prepaid insurance, $$430,040$; and accrued taxes and licenses, $$604,240.$

$09-30$ Recorded and paid the factory payroll for September $16-30$ of $$1,857,440.$ Analysis of the payroll follows:

$\backslash$table$[[,$Hours,Dollars$],[$Job #$78,23,244,$$$461,240$