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Prepare general journal entries to the given statements

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Reference no: EM131732940

Question - King Tool is a machine shop that uses job order costing. Overhead is applied to individual jobs at a predetermined rate based on direct labor costs. The job cost sheet for job no. 321 appears below.

JOB COST SHEET

JOB NUMBER: 321            

DATE STARTED: May 10

PRODUCT: 2" Brass Check Valves               

DATE COMPLETED: May 21

UNITS COMPLETED: 5000             

Direct materials used: $8,000 

Direct labor: 2,600 

Manufacturing overhead applied: 9,400 

Total cost of job no. 321                : $20,000 

Unit cost ($20,000 ÷ 5,000 units): $4 

a. Summarize the manufacturing costs charged to job no. 321. (Use one compound entry.)

b. Record the completion of job no. 321.

c. Record the credit sale of 4,000 units from job no. 321 at a unit sales price of $10. Record in a separate entry the related cost of goods sold.

Required - Prepare general journal entries to the above statements: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Transaction A

Transaction B

Transaction C-1

Transaction C-2

Reference no: EM131732940

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