Calculate the balances of the work in process and finished goods inventory accounts at the end...
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Calculate the balances of the work in process and finished goods inventory accounts at the end of May. 57) Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7,600 and two jobs in process: Job No. 221, $3,600, and Job No. 222, $4,000. During April, a summary of source documents reveals the following: For Job No. 222 223 224 General use Totals Materials Requisition Slips Labor Time Tickets $1,200 $2,100 2,200 221 1,700 2,400 2,600 600 $8.500 2,900 2,800 400 $10.400 Foster applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month. Instructions (a) Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221. Calculate the balances of the work in process and finished goods inventory accounts at the end of May. 57) Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7,600 and two jobs in process: Job No. 221, $3,600, and Job No. 222, $4,000. During April, a summary of source documents reveals the following: For Job No. 222 223 224 General use Totals Materials Requisition Slips Labor Time Tickets $1,200 $2,100 2,200 221 1,700 2,400 2,600 600 $8.500 2,900 2,800 400 $10.400 Foster applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month. Instructions (a) Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221.
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Related Book For
Managerial Accounting
ISBN: 978-0077826482
3rd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
Posted Date:
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