Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 12.00

Derby Music Company

Derby Music Company specializes in producing and packaging compact discs (CDs) for the music recording industry. Derby uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations:

a. Materials purchased on account, $15,500.

b. Materials requisitioned and labor used:

 

 

Factory

 

Materials

Labor

Job No. 100

$2,650

$1,770

Job No. 101

1,240

650

Job No. 102

980

420

Job No. 103

3,420

1,900

Job No. 104

1,000

500

Job No. 105

2,100

1,760

For general factory use

450

650

c. Factory overhead costs incurred on account, $2,700.

d. Depreciation of machinery, $1,750.

e. Factory overhead is applied at a rate of 70% of direct labor cost.

f. Jobs completed: Nos. 100, 101, 102, 104.

g. Jobs 100, 101, and 102 were shipped, and customers were billed for $8,100, $3,800, and $3,500, respectively.

Instructions

1. Journalize the entries to record the transactions identified above.

2. Determine the account balances for Work in Process and Finished Goods.

3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.

4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 11:07 PM My Price 12.00

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