Seminar job-order costing
Prepare T-accounts for Raw Materials, Work in Progress, Finished Goods and Manufacturing Overhead. Enter the May 31st balances given above; in the case of Work in Progress, compute the May 31 balance and enter it into the Work in Progress T-account;Prepare journal entries for the month of June as follows:Prepare an entry to record the issue of materials into production, and post the entry to the appropriate T-accounts. Indirect material issued during the June totaled 3,600;
Prepare an entry to record the incurrence of labor cost and post the entry to appropriate T-accounts. Indirect labor cost totaled 7,000 for June;Prepare an entry to record the incurrence of 19,400 in various actual manufacturing overhead costs for June;What apparent POR does the Company use to assign overhead costs to jobs? Using this rate prepare a journal entry to record the application (absorption) of overhead cost to jobs for June. Post this entry to appropriate T-accounts.
As stated earlier, job 208 was completed during June. Prepare a journal entry to show the transfer of this job off the production line and into the finished goods warehouse. Post the entry to appropriate T-accounts.
Determine the balance at June 30 in the Work in Progress inventory account. How much of this balance consists of costs traceable to job 209? To job 210?(Job-order costing) Leeds Company began operations on January the 2nd 2001. The following activity was recorded in the company's Work in Progress account for the first month of operations:
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