Determine the balance of the work in process account use a

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Reference no: EM13598992

Shown below are the job cost related accounts for the law firm of Barnes, King, and Morton and their manufacturing equivalents:
Law Firm Accounts
Manufacturing Firm Accounts

Supplies Raw Materials
Salaries Payable Factory Wages Payable
Operating Overhead Manufacturing Overhead
Work in Process Work in Process
Cost of Completed Work Cost of Goods Sold

Cost data for the month of March follow.

Purchased supplies on account $1,500.
Issued supplies $1,200 (60% direct and 40% indirect).
Time cards for the month indicated labor costs of $50,000 (80% direct and 20% indirect).
Operating overhead costs incurred for cash totaled $40,000.
Operating overhead is applied at a rate of 90% of direct attorney cost.
Work completed totaled $70,000.

Journalize the transactions for March. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

Determine the balance of the Work in Process account. Use a T account. (List amounts in order of the transaction numbers above. If an amount should be blank, enter a zero. All boxes must be filled to be correct.)

Reference no: EM13598992

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