Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the...
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Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer ordet On March 1, OCFF had two jobs in process with the following costs Work in Process Job 33 Job 34 Balance on 3/1 $ 4,500 3,300 $7,000 Source documents revealed the following during March Materials Requisitions Forms $ 2,700 2,700 4,000 800 $ 11,000 Job 33 Job 34 Job 35 Indirect Labor Tine Tickets $ 5,900 3,300 2,600 2,400 $ 14,200 Status of Job at Month-End Completed and sold Completed, but not sold In process The company applies overhead to products at a rate of 55 percent of direct labor cost Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead Note: If no entry is required for a transaction/event, select "No Journal Entry Required in the first account fiel Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer ordet On March 1, OCFF had two jobs in process with the following costs Work in Process Job 33 Job 34 Balance on 3/1 $ 4,500 3,300 $7,000 Source documents revealed the following during March Materials Requisitions Forms $ 2,700 2,700 4,000 800 $ 11,000 Job 33 Job 34 Job 35 Indirect Labor Tine Tickets $ 5,900 3,300 2,600 2,400 $ 14,200 Status of Job at Month-End Completed and sold Completed, but not sold In process The company applies overhead to products at a rate of 55 percent of direct labor cost Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead Note: If no entry is required for a transaction/event, select "No Journal Entry Required in the first account fiel
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Journal entries for materials requisitions Materials Inventory Debit 2700 Job 33 Work ... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0078025518
2nd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
Posted Date:
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