Joe Corp, which uses a job order cost system, completed the following transactions during the...
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Joe Corp, which uses a job order cost system, completed the following transactions during the current month: a)Materials costing $7,000 were usted on various jobs. b) Time cards of workers directly involved in the production process indicate direct labor costs of $12,000 for the month. c) Overhead is applied to jobs at a rate of 75% of direct labor cost. d) Jobs with total accumulated costs of $16,000 were finished during the month. e) Units costing $21,000 were sold during the month at sales prices totaling $39,000. All sales were on account. f) Actual Overhead costs of $3,000 in indirect materials, $3,000 in indirect labor and $2,000 in factory rent(that was paid) were incurred in the month Uising the format provided, prepare a general journal entry for the month summarizing each of the above categories of transactions. (no explanations)
a)Materials costing $7,000 were usted on various jobs.
b) Time cards of workers directly involved in the production process indicate direct labor costs of $12,000 for the month.
c) Overhead is applied to jobs at a rate of 75% of direct labor cost.
d) Jobs with total accumulated costs of $16,000 were finished during the month.
e) Units costing $21,000 were sold during the month at sales prices totaling $39,000. All sales were on account.
f) Actual Overhead costs of $3,000 in indirect materials, $3,000 in indirect labor and $2,000 in factory rent(that was paid) were incurred in the month
Uising the format provided, prepare a general journal entry for the month summarizing each of the above categories of transactions. (no explanations)
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