Prepare the appropriate journal entries

Reference no: EM131893094

Problem

June's Jewels uses a job order costing system on March 1,2017 Katy Perry ordered a gold ring.

3-1 Factory orders 10 ounces of gold from the warehouse.The gold cost $500 per ounce.

3-2/3-8: The factory works on the bracelet:

Direct labor charged 20 hours at $100 per hour

Manufacturing overhead is charged to jobs based on direct labor hours.The predetermined overhead rate is $20 per direct labor hours.

3-9 The ring is completed and sent to the storeroom.

3-10 The ring is delivered to Katy Perry and she is billed $20,000.

Required: Prepare the appropriate journal entries and post them to the ledger.

Reference no: EM131893094

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