1 answer

**Must Be Able to Answer Each Question** A) In March, Stinson Company completes Jobs 10 and...

Question:

**Must Be Able to Answer Each Question**

A) In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $27,700 and Job 11 $32,700. On March 31, Job 10 is sold to the customer for $44,900 in cash.
Journalize the entries for the completion of the two jobs and the sale of Job 10.

Debit Credit Date Account Titles and Explanation Mar. 31 (To record the completion of the two jobs) 31 (To record the sale Jo

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B) At December 31, balances in Manufacturing Overhead are Shimeca Company—debit $2,100, Garcia Company—credit $1,067.
Prepare the adjusting entry for each company at December 31, assuming the adjustment is made to cost of goods sold.

Debit Credit Date Account Titles and Explanation Shimeca Company Dec. 31 Garcia Company Dec. 31

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C) Milner Company is working on two job orders. The job cost sheets show the following.
Direct materials Direct labor Manufacturing overhead Job 201 $7,500 4,000 5,500 Job 202 $8,800 8,250 9,750

Prepare the three summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets.

No. Account Titles and Explanation Debit Credit (a) (To assign materials to jobs) (b) (To assign labor to jobs) (To assign ov

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D) Washburn Company produces earbuds. During the year, manufacturing overhead costs were $222,000. Machine usage was 2,500 hours. The company assigns overhead based on machine hours. Job No. 551 used 90 machine hours. Determine the amount of overhead to allocate to Job No. 551.

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E) During the current month, Standard Corporation completed Job 310 and Job 312. Job 310 cost $75,000 and Job 312 cost $51,500. Job 312 was sold on account for $90,000.
Journalize the entries for the completion of the two jobs and the sale of Job 312.​​​​​​​

No. Account Titles and Explanation Debit Credit (To record completion of Jobs 310 and 312) (To record sale of Job 312) (c) (T

Debit Credit Date Account Titles and Explanation Mar. 31 (To record the completion of the two jobs) 31 (To record the sale Job 10) (To record the cost of the job sold)
Debit Credit Date Account Titles and Explanation Shimeca Company Dec. 31 Garcia Company Dec. 31
Direct materials Direct labor Manufacturing overhead Job 201 $7,500 4,000 5,500 Job 202 $8,800 8,250 9,750
No. Account Titles and Explanation Debit Credit (a) (To assign materials to jobs) (b) (To assign labor to jobs) (To assign overhead to jobs)
No. Account Titles and Explanation Debit Credit (To record completion of Jobs 310 and 312) (To record sale of Job 312) (c) (To record cost of goods sold for Job 312)

Answers

Date Account titles & Explanations Debit Credit
31-Mar finished goods inventory 60400
Work in process inventory 60,400
31-Mar Cash 44,900
Sales 44,900
31-Mar Cost of goods sold 27,700
Finished goods inventory 27,700
B)
Date Account titles & Explanations Debit Credit
Shimeca
31-Dec Cost of goods sold 2,100
Manufacturing overhead 2,100
Garcia
31-Dec Manufacturing overhead 1,067
cost of goods sold 1,067
C)
No Account titles & Explanations Debit Credit
a) Work in process inventory 16300
Raw materials inventory 16,300
b) Work in process inventory 12250
Factory wages 12,250
c) Work in process inventory 15250
Manufacturing overhead 15,250
D) overhead rate = 222,000/2500
88.8 per machine hr
overhead allocated = 88.8*90
7992 answer
E)
N0 Account titles & Explanations Debit Credit
a finished goods inventory 126500
Work in process inventory 126,500
b Accounts receivable 90,000
Sales 90,000
c Cost of goods sold 51,500
Finished goods inventory 51,500
.

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