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  1. business
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  3. journal entries; cost accumulation the following c

Journal entries; cost accumulation The following costs were incurred in February by Container Corp., which...

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Accounting

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Journal entries; cost accumulation The following costs were incurred in February by Container Corp., which produces customized steel storage bins: The balance in Work in Process Inventory on February 1 was $36,960, which consisted of $24,640 for Job \#217 and \$12,320 for Job \#218. The February beginning balance in Direct Material Inventory was $98,120. Actual overhead is applied to jobs at a rate of $4.95 per dollar of direct labor cost. Job \#217 was completed and transferred to Finished Goods Inventory during February. Job \#217 was delivered to the customer at the agreed-upon price of cost plus 35 percent. a. Prepare journal entries to record the preceding information. account name. b. Determine the February ending balance in WIP Inventory. $ c. How much of the balance determined in part (b) relates to Job \#218? \$

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