Maurice Tutor

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    Oct-2001 - Nov-2016

Category > Accounting Posted 19 Aug 2017 My Price 11.00

Nelson Company

Problem 5-53    (Appendix 5A) Journal Entries, Job Costs

The following transactions occurred during the month of April for Nelson  Company:

a.       Purchased materials costing $4,610 on account.

b.       Requisitioned materials totaling $4,800 for use in production, $3,170 for Job 518 and the remainder for Job 519.

c.        Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519  for the  month. Direct laborers are paid at the rate of $14 per hour.

d.       Applied overhead using a plantwide rate of $6.20 per direct labor hour.

e.        Incurred and paid in cash actual overhead for the month of $973.

f.        Completed and transferred Job 518 to Finished Goods.

g.        Sold on account Job 517, which had been completed and transferred to Finished Goods in March, for cost ($2,770) plus 25%.

Required:

1.        Prepare journal entries for Transactions a through e.

2.        Prepare job-order cost sheets for Jobs 518 and 519. Prepare journal entries for  Transactions f and g. (Note: Round to the nearest dollar.)

3.       Prepare a schedule of cost of goods manufactured for April. Assume that the beginning bal- ance in the raw materials account was $1,025 and that the beginning balance in the work-in- process account was zero.

Answers

Maurice Tutor
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Status NEW Posted 19 Aug 2017 02:08 PM My Price 11.00

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