The balance in work in process inventory on february 1 was

Assignment Help Accounting Basics

Reference no: EM13605141

The following costs were incurred in February 2010 by Container Corp., which produces customized steel storage bins:

Direct Material purchased on account $76,000
Direct material used for jobs:
Job #217 $44,800
Job #218 7,200
Other jobs 53,600 105,600

Direct labor costs for month:

Job #217 $10,400

Job #218 14,000

Other Jobs 19,600 44,0000

Actual Overhead costs for february 220,000

The balance in Work in Process Inventory on February 1 was $16,800, which consisted of $11,200 for Job #217 and $5,600 for Job #218. The February begining balance in Direct Material Inventory was $44,600. Actual overhead is applied to jobs at a rate of $4.95 per dollar of direct labor cost. Job #217 was completed and transferred to Finished Goods Inventory during February. Job #217 was delivered to the customer at the agreed-upon price of cost plus 35 percent.

a. Prepare Journal entries to record the preceding information.

b. Determine the februrary ending balance in WIP Inventory. How much of this balance relates to Job #218?

Reference no: EM13605141

Questions Cloud

Assume you purchase a ticket to a local football game for : assume you purchase a ticket to a local football game for next week at a cost of 50. before the day of the game you

Determine the point estimate of the population the margin : determine the point estimate of the population the margin of error for the following confidence interval and the number

For 2012 selene company initiated a sales promotion : for 2012 selene company initiated a sales promotion campaign that included the expenditure of an additional 25000 for

Rarons rockers is in the process of preparing a production : rarons rockers is in the process of preparing a production cost budget for august. actual costs in july for 120

The balance in work in process inventory on february 1 was : the following costs were incurred in february 2010 by container corp. which produces customized steel storage

Paradise pottery had the following costs in may when : paradise pottery had the following costs in may when production is 800 ceramic pots materials 8700 labor variable 2900

The earth has an absolute surface value ofgof 9825 ms2 and : an earth satellite which moves in the elliptical orbit shown has a velocityvin space of 20977 kmh when it passes the

If your company follows the principle of management by : if your company follows the principle of management by exception which of the following departures from the budget

Find the sample proportion of people who had the internet : 543 people were selected at random from a large population. 505 of them said they had the internet installed on their

User Account

All Pages