ACCOUNTING HELP ASAP PLEASE

Posted on 2014-03-26 10:10:00 in Accounting by MAYA

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:



Materials Requisition Slips Labor Time Tickets



FOR:

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 60% of direct labor cost. Job NO 221 is completed during the month.



INSTRUCTIONS:

A.) Prepare summary journal entries to record raw materials requisitioned, factory labor use, the assignment of manufacturing overhead to jobs, and completion of Job NO 221.



B.) Calculate the balance of the Work in Process Inventory account at April 30.

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