Please prepare the Job Costing Journaling and T-accounts for the project below. Your answers must be in Excel Spreadsheet format and should be submitted on Canvas. You must name the file with your last name, first name and project name. i.e.

Project Question:

Barney Incorporated is a printing company. The company uses normal costing to cost each job. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead, allocated on the basis of direct manufacturing labor costs).

The following data (in thousands) pertain to 2019:

Required:

1. Prepare journal entries to summarize the 2019 transactions. As your final entry, dispose of the year-end under- or overallocated manufacturing overhead as a write-off to Cost of Goods Sold. Number your entries. Explanations for each entry may be omitted.

2. Show posted T-accounts for all inventories, Cost of Goods Sold, Manufacturing Overhead Control, and Manufacturing Overhead Allocated.

3. How did the company perform in 2019?

Answer rating: 100% (QA)

1 Transaction General Journal Debit Credit a Materials control 820 Accounts payable 820 b Work in pr... View the full answer