Question: The following costs were incurred in February 2010 by Container Corp., which produces customized steel storage bins: The balance in Work in Process Inventory on

The following costs were incurred in February 2010 by Container Corp., which produces customized steel storage bins: The following costs were incurred in February 2010 by Container Corp., which The balance in Work in Process Inventory on February 1 was $16,800, which consisted of $11,200 for Job #217 and $5,600 for Job #218. The February beginning balance in Direct Material Inventory was $44,600. Actual overhead is applied to jobs at a rate of $4.95 per dollar of direct labor cost. Job #217 was completed and transferred to Finished Goods Inventory during February. Job #217 was delivered to the customer at the agreed-upon price of cost plus 35 percent. a. Prepare journal entries to record the preceding information. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". To record the purchase of raw materials on account. To record materials requisitioned for specific jobs. To record direct labor payroll for production employees To record the incurrence of actual overhead costs. To apply overhead to specific jobs. To transfer completed goods to finished goods inventory To record the sale of goods for Job #217. To record cost of goods sold. b. Determine the February ending balance in WIP Inventory. $ How much of this balance relates to Job #218? $

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