Micro Enterprises had the following job order transactions during the month of April. Record the transactions...

60.1K

Verified Solution

Question

Accounting

Micro Enterprises had the following job order transactionsduring the month of April. Record the transactions in T-accounts,including issuance of materials, labor, and factory overheadapplied; completed jobs sent to finished goods inventory, and salesof finished goods. Also show T-accounts in place of Job Cost Sheetsfor each job, and place of the subsidiary ledger for FinishedGoods.
Apr
1 Purchased materials on acct, $35,000
10 Issued Direct materials to Job 33, $10,000, issued indirectmaterials of $700
11 Issued direct materials to Job 34, $8,000, issued indirectmaterials of $430
12 Issued direct materials to Job 35, $11,000, issued indirectmaterials of $670
25 Incurred labor of $21,300: Job 33, $6,000 (300 hours), Job34, $4,000 (200 hours). Job 35, $5,000 (250 hours); also incurredindirect labor of $6,300
25 Applied factory overhead: $4.85 per direct labor hour
30 Transferred Job # 33 and 35 to the finished goods inventoryaccount as products F and H
30 Sold product F for $25,000 on account. Calculate the GrossProfit.

Answer & Explanation Solved by verified expert

4.3 Ratings (949 Votes)

RAW MATERIAL INVENTORY Accounts payable 35000 WIPJob 33 10000 WIP Job 34 8000 WIP Job 35 11000 Manufacturing OH 1800 Ending Balance 4200 MANUFACTURING OVERHEADS Raw material 1800 WIPJob 33 See Answer

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

Transcribed Image Text

Micro Enterprises had the following job order transactionsduring the month of April. Record the transactions in T-accounts,including issuance of materials, labor, and factory overheadapplied; completed jobs sent to finished goods inventory, and salesof finished goods. Also show T-accounts in place of Job Cost Sheetsfor each job, and place of the subsidiary ledger for FinishedGoods.Apr1 Purchased materials on acct, $35,00010 Issued Direct materials to Job 33, $10,000, issued indirectmaterials of $70011 Issued direct materials to Job 34, $8,000, issued indirectmaterials of $43012 Issued direct materials to Job 35, $11,000, issued indirectmaterials of $67025 Incurred labor of $21,300: Job 33, $6,000 (300 hours), Job34, $4,000 (200 hours). Job 35, $5,000 (250 hours); also incurredindirect labor of $6,30025 Applied factory overhead: $4.85 per direct labor hour30 Transferred Job # 33 and 35 to the finished goods inventoryaccount as products F and H30 Sold product F for $25,000 on account. Calculate the GrossProfit.