During February, Alexander Inc. worked on two jobs with the following...
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Accounting
During February, Alexander Inc. worked on two jobs with the following data:
Job 12
Job 13
Units in each order
100
200
Units Sold
100
--
Raw materials requisitioned (Feb 3)
$2,480
$1,970
Direct labor hours
820 hrs
1,166 hrs.
Direct labor cost (ending Feb 28)
$12,300
$17,490
Overhead is assigned on the basis of direct labor hours at a rate of $12. During February, Job 12 was completed and transferred to finished goods. Job 13 is the only unfinished job at the end of the month.
1. Prepare the journal entry for using the requisitioned raw materials. (3 pts)
Date
Account
Debit
Credit
2. Prepare the journal entry for all direct labor costs for the month. Assume workers have not yet been paid. (3 pts)
Date
Account
Debit
Credit
3. Prepare the journal entry to show Job 12 being completed and transferred to finished goods (3 points)
Date
Account
Debit
Credit
Answer & Explanation
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