Prepare a statement of cost of goods manufactured for april

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Reference no: EM13939975

JOURNAL ENTRIES, JOB COSTS

The following transactions occurred during the month of April for Kearney Company:

a. Purchased materials costing $3,000 on account.

b. Requisitioned materials totaling $1,700 for use in production, $500 for Job 443 and the remainder for Job 444.

c. Recorded 50 hours of direct labor on Job 443 and 100 hours on Job 444 for the month. Direct laborers are paid at the rate of $8 per hour.

d. Applied overhead using a plantwide rate of $7.50 per direct labor hour.

e. Incurred and paid in cash actual overhead for the month of $1,230.

f. Completed and transferred Job 443 to Finished Goods.

g. Sold on account Job 442, which had been completed and transferred to Finished Goods in March, for cost ($2,000) plus 25 percent.

1. Prepare journal entries for transactions (a) through (e).

2. Prepare job-order cost sheets for Jobs 443 and 444. Prepare journal entries for transactions (f) and (g).

3. Prepare a statement of cost of goods manufactured for April. Assume that the begin- ning balance in the raw materials account was $1,400 and that the beginning bal- ance in the work-in-process account was zero.

Reference no: EM13939975

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