Solution-Prepare summary journal entries to record the raw

Prepare summary journal entries to record the raw materials

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Question - Busch Manufacturing uses a job-order cost accounting system. On April 1, the company has Work in Process Inventory of $12,000 with two jobs in process: Job No. 323, $7,000, and Job No. 324, $5,000.

During April, a summary of source documents reveals the following:

	Materials Requisition Slips	Labour Time Tickets
Job No. 323	$1,200	$2,000
Job No. 324	1,700	3,700
Job No. 325	7,500	3,000
Job No. 326	2,400	1,800
General use	900	1,200
Totals	$13,700	$11,700

Busch applies manufacturing overhead to jobs at an overhead rate of 50% of direct labour cost. Job No. 323 and Job No. 324 is completed at the end of April. Job 324 is sold.

Required -

a) Prepare summary journal entries to record the raw materials requisitioned, factory labour used, the assignment of manufacturing overhead to jobs, and the completion of any jobs.

b) Calculate the balance of the Work in Process Inventory account at April 30.

Reference no: EM132988987

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Prepare summary journal entries to record the raw materials

Reference no: EM132988987

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