Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 12.00

preceding information.

(Journal entries; cost accumulation) The following costs were incurred in February 2010 by Container Corp., which produces customized steel storage bins:

Direct material purchased on account

  

$ 76,000

Direct material used for jobs:

    

Job #217

$44,800

  

Job #218

7,200

  

Other jobs

53,600

105,600

Direct labor costs for month:

    

Job #217

$10,400

  

Job #218

14,000

  

Other jobs

19,600

44,000

Actual overhead costs for February

  

220,000

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.

b. Determine the February ending balance in WIP Inventory. How much of this balance relates to Job #218?

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 11:07 PM My Price 12.00

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