Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. problem 3 (5 points) ehrling brothers company make

Problem 3 (5 points) Ehrling Brothers Company makes jobs to customer order. During the month...

50.1K

Verified Solution

Question

Accounting

image
Problem 3 (5 points) Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: a. Materials were purchased on account for $45.670. b. Materials totaling $40,990 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $22,400 with an average wage of $14 per hour. d. Actual overhead of $9.020 was incurred and paid in cash, e. Manufacturing overhead is charged to production at the rate of $5.50 per direer labor hour. f. Completed jobs costing $58.000 were transferred to Finished Goods. g. Jobs costing $59,000 were sold on account for $73.750. Beginning balances as of July I were: Materials Inventory $1.200 Work-in-Process Inventory 3.400 Finished Goods Inventory 2,630 Required: 1. Prepare the journal entries for the preceding events. 2. Calculate the ending balances of: a. Materials Inventory b. Work-in-Process Inventory c. Overhead Control d. Finished Goods Inventory

Answer & Explanation Solved by verified expert
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

Other questions asked by students