I NEED HELP WITH THE JOURNAL ENTRIES.PLEASE GIVE FORMULAS SO I CAN SEE HOW IT IS CALCULATED. THANK YOU!NEED BY 11 PM TONIGHT! Problem P2-3 Job-Order Costing: InventoryAccounts and Cost of Goods Sold Smith Die Companymanufactures cutting dies for the shoe industry. Each set of diesis custom designed to a customer's templates. During the first weekof May, six orders were received from customers. They were assignedjob numbers 1005-1010. The following transactions occurred duringthe first week of May. Smith Die purchased steel onaccount from Eastern City Steel costing $ 5,500 The company received and paid for supplies(indirect materials) from Mallard Supply costing $ 2,400 Material requisitions indicated that materials wereissued to the factory floor as follows: Job Number: Direct Materials: Indirect Materials: 1005 $ 650 1006 $ 850 1007 $ 1,550 1008 $ 650 1009 $ 450 1010 $ 350 Totals $ 4,500 $1,000 The labor time ticket summary reflected thefollowing costs for the week: Job Number: Direct Labor: Indirect Labor: 1005 $ 1,600 1006 $ 2,000 1007 $ 3,300 1008 $ 1,400 1009 $ 900 1010 $ 700 Totals $ 9,900 $6,500 Overhead was applied to alljobs in process at 180% of direct labor cost. Jobs 1005, 1006, 1007and 1008 were completed and transferred to finished goods. Jobs1009 and 1010 were still in process at the end of the week. Jobs1005, 1006, 1007, and 1008 were shipped to customers and billed at150% of total job cost. Required: Part a. Calculate thetotal cost of each job. Cost of Jobs: 1005 1006 1007 1008 1009 1010 Material $650 $850 $1,550 $650 $450 $350 Labor 1,600 2,000 3,300 1,400 900 700 Overhead 2,880 3,600 5,940 2,520 1,620 1,260 Total $5,130 $6,450 $10,790 $4,570 $2,970 $2,310 Part b. Prepare journalentries to record the above information. I NEED HELP WITH THEJOURNAL ENTRIES. PLEASE GIVE FORMULAS SO I CAN SEE HOW IT ISCALCULATED. THANK YOU! NEED BY 11 PM TONIGHT! Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Accounts Receivable Cost of Goods Sold Sales Finished Goods To record the sale of finished goods
| I NEED HELP WITH THE JOURNAL ENTRIES.PLEASE GIVE FORMULAS SO I CAN SEE HOW IT IS CALCULATED. THANK YOU!NEED BY 11 PM TONIGHT! | |||||||||
| Problem P2-3 Job-Order Costing: InventoryAccounts and Cost of Goods Sold | |||||||||
| Smith Die Companymanufactures cutting dies for the shoe industry. Each set of diesis custom designed to a customer's templates. During the first weekof May, six orders were received from customers. They were assignedjob numbers 1005-1010. The following transactions occurred duringthe first week of May. | |||||||||
| Smith Die purchased steel onaccount from Eastern City Steel costing | $ 5,500 | ||||||||
| The company received and paid for supplies(indirect materials) from Mallard Supply costing | $ 2,400 | ||||||||
| Material requisitions indicated that materials wereissued to the factory floor as follows: | |||||||||
| Job Number: | Direct Materials: | Indirect Materials: | |||||||
| 1005 | $ 650 | ||||||||
| 1006 | $ 850 | ||||||||
| 1007 | $ 1,550 | ||||||||
| 1008 | $ 650 | ||||||||
| 1009 | $ 450 | ||||||||
| 1010 | $ 350 | ||||||||
| Totals | $ 4,500 | $1,000 | |||||||
| The labor time ticket summary reflected thefollowing costs for the week: | |||||||||
| Job Number: | Direct Labor: | Indirect Labor: | |||||||
| 1005 | $ 1,600 | ||||||||
| 1006 | $ 2,000 | ||||||||
| 1007 | $ 3,300 | ||||||||
| 1008 | $ 1,400 | ||||||||
| 1009 | $ 900 | ||||||||
| 1010 | $ 700 | ||||||||
| Totals | $ 9,900 | $6,500 | |||||||
| Overhead was applied to alljobs in process at 180% of direct labor cost. Jobs 1005, 1006, 1007and 1008 were completed and transferred to finished goods. Jobs1009 and 1010 were still in process at the end of the week. Jobs1005, 1006, 1007, and 1008 were shipped to customers and billed at150% of total job cost. | |||||||||
| Required: | |||||||||
| Part a. Calculate thetotal cost of each job. | |||||||||
| Cost of Jobs: | |||||||||
| 1005 | 1006 | 1007 | 1008 | 1009 | 1010 | ||||
| Material | $650 | $850 | $1,550 | $650 | $450 | $350 | |||
| Labor | 1,600 | 2,000 | 3,300 | 1,400 | 900 | 700 | |||
| Overhead | 2,880 | 3,600 | 5,940 | 2,520 | 1,620 | 1,260 | |||
| Total | $5,130 | $6,450 | $10,790 | $4,570 | $2,970 | $2,310 | |||
| Part b. Prepare journalentries to record the above information. I NEED HELP WITH THEJOURNAL ENTRIES. PLEASE GIVE FORMULAS SO I CAN SEE HOW IT ISCALCULATED. THANK YOU! NEED BY 11 PM TONIGHT! | |||||||||
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| To record the sale of finished goods | |||||||||
Related questions
SHOW ALL YOUR CALCULATIONS
Baker Die Company manufactures cutting dies for the shoeindustry. Each set of dies is custom designed to a customerâstemplate. During the first week of May, six orders were receivedfrom customers. They were assigned job numbers 1005-1010. Thefollowing transactions occurred during the first week of May.
Purchased steel from West City Steel costing $4,800. Receivedand paid for supplies (indirect materials) from Marbella Supplycosting $ 2,200. Material requisitions indicated that materialswere issued to the factory floor as follows:
| Job No. | Direct Materials | Indirect Materials |
| 1005 | $560 | |
| 1006 | 730 | |
| 1007 | 1,480 | |
| 1008 | 540 | |
| 1009 | 370 | |
| 1010 | 285 | |
| Totals | $3,965 | $799 |
The labor time ticket summaryreflected the following cost for the week:
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| Overhead was applied to all jobs inprocess at 180 percent of direct labor cost. Jobs 1005, 1006, 1007,and 1008 were completed and transferred to finished goods. Jobs1009 and 1010 were still in process at the end of the week. Jobs1005, 1006, 1007, and 1008 were shipped to customers and billed at150 percent of total job cost. REQUIRED: (Show all your calculations) a. Calculate the total of each job. b. Prepare Journal entries to record the above information |
