Hello! Just having trouble with answering question I. A demonstration of how to correctly solve...
70.2K
Verified Solution
Question
Accounting


Hello! Just having trouble with answering question I. A demonstration of how to correctly solve this question would be greatly appreciated. Everything answered up to the empty boxes at I is confirmed correct. Thank you.
The following information relates to the manufacturing operations of Trevino Golf Company during the month of March. The company uses job order costing. a. Purchases of direct materials during the month amount to $83,580. (All purchases were made on account.) b. Materials requisitions issued by the Production Department during the month total $78,680. c. Time cards of direct workers show 2,800 hours worked on various jobs during the month, for a total direct labor cost of $42,000. d. Direct workers were paid $36,820 in March. e. Actual overhead costs for the month amount to $48,860 (for simplicity, you may credit Accounts Payable). f. Overhead is applied to jobs at a rate of $20 per direct labor hour. g. Jobs with total accumulated costs of $162,400 were completed during the month. h. During March, units costing $179,200 were sold for $294,000. (All sales were made on account.) i. Any balance remaining in the Manufacturing Overhead control account at the end of the month is closed directly to Cost of Goods Sold. Required: Prepare general journal entries to summarize each of these transactions in the company's general ledger accounts. (If no entry is View transaction list View journal entry worksheet \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Transaction & General Journal & Debit & Credit \\ \hline \multirow[t]{2}{*}{} & 1 & a. & Materials inventory & 83,580 & \\ \hline & & & Accounts payable & & 83,580 \\ \hline \multirow[t]{2}{*}{} & 2 & b. & Work in process inventory & 78,680 & \\ \hline & & & Materials inventory & & 78,680 \\ \hline \multirow[t]{2}{*}{} & 3 & c. & Work in process inventory & 42,000 & \\ \hline & & & Direct labor & & 42,000 \\ \hline & 4 & d. & Direct labor & 36,820 & \\ \hline & & & Cash & & 36,820 \\ \hline & 5 & e. & Manufacturing overhead & 48,860 & \\ \hline & & & Accounts payable & & 48,860 \\ \hline \multirow[t]{2}{*}{} & 6 & f. & Work in process inventory & 56,000 & \\ \hline & & & Manufacturing overhead & & 56,000 \\ \hline & 7 & g. & Finished goods inventory & 162,400 & \\ \hline & & & Work in process inventory & & 162,400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow[t]{2}{*}{%} & 7 & g. & Finished goods inventory & 162,400 & \\ \hline & & & Work in process inventory & & 162,400 \\ \hline & 8 & h-1. & Accounts receivable & 294,000 & \\ \hline & & & Sales & & 294,000 \\ \hline & 9 & h2. & Cost of goods sold & 179,200 & \\ \hline & & & Finished goods inventory & & 179,200 \\ \hline & 10 & i & Manufacturing overhead & & \\ \hline & & & Cost of goods sold & & \\ \hline \end{tabular}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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.