Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7,600 and two jobs in process: Job No. 221, $3,600, and Job No. 222, $4,000. During April, a summary of source documents reveals the following:
For Materials Requisition Slips Labor Time Tickets
Job No. 221 $1,200 $1,600
222 1,700 2,200
223 2,400 2,900
224 2,600 2,800
General use 600 400
Totals $8,500 $9,900
Foster applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month.
Required:
Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7,600 and two jobs ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Sound and timely decisions are required of all leaders, especially in times of combat. for this reason, the leadership traits are essential training requirements that necessitate consistent leader feedback.
Answers (1)
Anvils Works' requires, on average, 2800 tons of aluminum each week, with a standard deviation of 1000 tons. The lead time to receive its orders is 10 weeks. The holding cost for one ton of aluminum for one week is $11. It operates with a 0.
Answers (1)
European colonialism was driven in part by the vast inflow of raw materials, such as sugar, cotton, as well as human bodies and labor, which were seen as expendable.
Answers (1)
Which of the following statements is false? A) Battery acid cannot be neutralized B) Batteries should never be stored on metal trays or outside in the elements C) Do not stack batteries on top of each other D) Never put a damaged battery in a
Answers (1)
RTP Corp. is developing a new computer processor to compete against Intel's successful product line. RTP has already determined the market price and the required profit margin on each processor sold in order to be successful.
Answers (1)
New Questions in Business
What equipment should you use to reheat food? A. A stove B. A heat lamp C. A steam table D. A chafing dish
Answers (1)
A small multifamily property generates $50,000 in rental income, $10,000 in expenses, and $25,000 in debt service. The property appreciates about $25,000 each year. What is the cash flow on this property?
Answers (1)
Robot Corporation is liquidated, with Marty receiving property having an adjusted basis of $60,000 and an FMV of $90,000. The property is subject to a $80,000 mortgage, which Marty assumes. Marty's basis in the Robot stock surrendered is $50,000.
Answers (1)
Sales and commission are based on selling price, not the costs you have been provided. Labor: 13.8 hours at 18.75 per hour Overhead: 92% of labor Material Costs: $65.
Answers (1)
When airbnb customers in malibu start paying hotel taxes, this will have the potential to raise the equilibrium price in this market and, therefore, decrease efficiency.
Answers (1)