Reference no: EM131809577
Question - Jubilee Products Inc. has a job order costing system and uses "normal costing" to account for its manufacturing costs.
Required:
Prepare journal entries for the following transactions. Explanations are not required.
1. Purchased $50,000 of direct materials on account.
2. Direct Materials costing $45,000 were used for jobs.
3. Labor incurred was $26,000 direct and $4,000 indirect. Total labor hours for the month were 5,000 hours. Of these, 800 were for indirect labor.
4. Amortization of factory equipment $5,000.
5. Overhead was allocated at the rate of $3 per direct labor hour.
6. The cost of goods manufactured was $78,000.
7. Units costing $75,000 were sold. Revenues totaled $95,000 (on account).
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