CHAPTER 2-SIGNATURE PROBLEM DURING FEBRUARY SHARP MANUFACTURING WORK ON TWO JOBS: A16 AND A17. SUMMARY DATA...

 

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CHAPTER 2-SIGNATURE PROBLEM DURING FEBRUARY SHARP MANUFACTURING WORK ON TWO JOBS: A16 AND A17. SUMMARY DATA CONCERNING THESE JOBS ARE AS FOLLOWS. MANUFACTURING-COST-INCURRED: PURCHASE $54,000 OF RAW MATERIALS ON ACCOUNT. FACTORY LABOR, TO BE PAID WERE, WAGES OF $76,000, PLUS $4,000 EMPLOYER PARYROLL TAXES. 1 MANUFACTURING OVERHEAD-COST INCURRED ON ACCOUNT AMOUNTED-TO- $59,800.00 ASSIGNMENT OF COSTS: DIRECT MATERIALS: INDIRECT MATERIALS: JOBA16-$27,000.00 → JOBA17-$21,000.00 $3,000.00 DIRECT LABOR → → JOBA16 $52,000.00 → JOBA17-$26,000.00 INDIRECT LABOR → $2,000.00 THE MANUFACTRUING OVERHEAD RATE, IS 80% OF DIRECT LABOR 1 JOB A16 WAS COMPLETED AND SOLD ON ACCOUNT FOR $150,000 INSTRUCTIONS: 1.) PREPARE JOURNAL ENTRIES FOR THE COST INCURRED AND COST ASSIGNED FOR THE MONTH ENDING FEBRUARY 1 2.)> COMPUTE THE TOTAL MANUFACTURING COST FOR THE BOTH JOBS (complete the job order-cost sheet) 3.) PREPARE THE JOURNAL ENTRY FOR THE SALE OF JOB A16. CHAPTER 2-SIGNATURE PROBLEM DURING FEBRUARY SHARP MANUFACTURING WORK ON TWO JOBS: A16 AND A17. SUMMARY DATA CONCERNING THESE JOBS ARE AS FOLLOWS. MANUFACTURING-COST-INCURRED: PURCHASE $54,000 OF RAW MATERIALS ON ACCOUNT. FACTORY LABOR, TO BE PAID WERE, WAGES OF $76,000, PLUS $4,000 EMPLOYER PARYROLL TAXES. 1 MANUFACTURING OVERHEAD-COST INCURRED ON ACCOUNT AMOUNTED-TO- $59,800.00 ASSIGNMENT OF COSTS: DIRECT MATERIALS: INDIRECT MATERIALS: JOBA16-$27,000.00 → JOBA17-$21,000.00 $3,000.00 DIRECT LABOR → → JOBA16 $52,000.00 → JOBA17-$26,000.00 INDIRECT LABOR → $2,000.00 THE MANUFACTRUING OVERHEAD RATE, IS 80% OF DIRECT LABOR 1 JOB A16 WAS COMPLETED AND SOLD ON ACCOUNT FOR $150,000 INSTRUCTIONS: 1.) PREPARE JOURNAL ENTRIES FOR THE COST INCURRED AND COST ASSIGNED FOR THE MONTH ENDING FEBRUARY 1 2.)> COMPUTE THE TOTAL MANUFACTURING COST FOR THE BOTH JOBS (complete the job order-cost sheet) 3.) PREPARE THE JOURNAL ENTRY FOR THE SALE OF JOB A16.

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1 Journal Entry Account title explanation Raw material Inventory Account payable to record material ... View the full answer