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Enter the journal entry for direct labor

Assignment Help Managerial Accounting
Reference no: EM132565228

Points:

  1. Our company makes customized jewelry
  2. Customer 101 orders a ring (job 101). It requires 2 grams of 14k gold, 1 diamond and 2 rubies. 
  3. Customer 102 orders a pendant (job 102). It requires 3 grams of 14 k gold, and 2 rubies.
  4. Purchasing buys 1,000 grams of 14k gold for $30,000. 10 diamonds for $35,000, and 10 rubies for $12,000.
  5. For the month, the company had factory labor costs of $250,000 and 10,000 hours.

Question 1: Enter the journal entry for the purchases/receivings.

Question 2: Enter the journal entry for the direct materials requisitions (by job).

Question 3: Prepare the journal entry for factory payroll.

Question 4: Enter the journal entry for direct labor. Job 101 required 6 hours of labor. Job 102 required 8 hours of labor (by job) (hint: compute the average rate).

Question 5: 10 grams of gold went to indirect materials. Prepare the journal entry

Question 6: 25 hours of labor went to indirect labor. Prepare the journal entry.

Question 7: Overhead is applied at a rate of 75% of direct materials AND direct labor COSTS. Show the journal entries. (by job)

Question 8: Show the journal entry for the completion for each job.

Question 9: Assume the company has a 30% markup. What is the price of each job?

Question 10: Show Sales, CGS and Gross Profit in income statement format for the two jobs (by job)?

Reference no: EM132565228

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