a. Materials purchased on account, $31,250. b. Materials requisitioned and factory labor used:...

90.2K

Verified Solution

Question

Accounting

a. Materials purchased on account, $31,250.
b. Materials requisitioned and factory labor used:
\table[[Job,Materials,Factory L
Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations:
a. Materials purchased on account, $31,250.
b. Materials requisitioned and factory labor used:
\table[[Job,Materials,Factory Labor],[301,$2,910,$2,680abor],[301,$2,910,$2,680
a. Materials purchased on account, $31,250.
b. Materials requisitioned and factory
labor used:
\table[[Job,Materials,Fa
ctory Labor],[301,$2,910,$2,680
F. Jobs completed 301,302,303 and 305
g, jobs were shipped and customers wete billed as follows job301,$8,390, job 302,$10,860 hob 303,$15,380
required
1.entries to record the summarized operation record each times items a through F as an individual entry on December 31 record item G as two entries.
2. Post the appropriate entries to T accounts for work and process and finish goods using that identifying letters as transaction codes. Insert memo account balance as of the end of the month.
3.prepare is schedule of unfinished jobs to support the balance in the work process account.
4. Prepare a schedule of completed jobs on hand, support the balance in the finished goods account.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students