Job Cost Journal Entries and T Accounts Summarized data for the first month's operations of Slater...

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Job Cost Journal Entries and T Accounts Summarized data for the first month's operations of Slater Foundry are presented below. A job order costing system is used. 1. Materials purchased on account, $158,400. 2. Amounts of materials requisitioned and foundry labor used: Job Materials Foundry Labor 1 $8,280 $6,480 2 9,360 10,800 3 6,840 15,840 4 24,120 21,600 5 11,520 12,960 6 7,200 3,600 Indirect materials 19,800 Indirect labor 32,400 3. Foundry overhead is applied at the rate of 150% of direct labor costs. 4. Miscellaneous foundry overhead incurred: Prepaid foundry insurance written off $3,384 Property taxes on foundry building accrued 6,768 Foundry utilities payable accrued 7,920 Depreciation on foundry equipment 15,120 Other costs incurred on account 26,352 5. Ending work-in-process consisted of Jobs 4 and 6. 6. Jobs 1 and 3 and one-half of Job 2 were sold on account for $45,360, $56,880, and $34,056, respectively. Required a. Prepare general journal entries to record the summarized transactions for the month, and post appropriate entries. b. Post entries using the appropriate T-accounts provided and determine the ending balances of any accounts necessary. c. Prepare schedules of jobs in ending work-in-process and jobs in ending finished goods to confirm that they agree with the related control accounts. Journal entries T-accounts Schedules Job Cost Journal Entries and T Accounts Summarized data for the first month's operations of Slater Foundry are presented below. A job order costing system is used. 1. Materials purchased on account, $158,400. 2. Amounts of materials requisitioned and foundry labor used: Job Materials Foundry Labor 1 $8,280 $6,480 2 9,360 10,800 3 6,840 15,840 4 24,120 21,600 5 11,520 12,960 6 7,200 3,600 Indirect materials 19,800 Indirect labor 32,400 3. Foundry overhead is applied at the rate of 150% of direct labor costs. 4. Miscellaneous foundry overhead incurred: Prepaid foundry insurance written off $3,384 Property taxes on foundry building accrued 6,768 Foundry utilities payable accrued 7,920 Depreciation on foundry equipment 15,120 Other costs incurred on account 26,352 5. Ending work-in-process consisted of Jobs 4 and 6. 6. Jobs 1 and 3 and one-half of Job 2 were sold on account for $45,360, $56,880, and $34,056, respectively. Required a. Prepare general journal entries to record the summarized transactions for the month, and post appropriate entries. b. Post entries using the appropriate T-accounts provided and determine the ending balances of any accounts necessary. c. Prepare schedules of jobs in ending work-in-process and jobs in ending finished goods to confirm that they agree with the related control accounts. Journal entries T-accounts Schedules