Question Content Area During February, Alexander Inc. worked on two jobs with the following data:...
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Accounting
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During February, Alexander Inc. worked on two jobs with the following data:
Job 12
Job 13
Units in each order
100 units
200 units
Units sold
100 units
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Materials requisitioned
$2,480
$1,970
Direct labor hours
820 hrs.
1,166 hrs.
Direct labor cost
$12,300
$17,490
Overhead is assigned on the basis of direct labor hours at a rate of $12. During February, Job 12 was completed and transferred to finished goods. Job 13 is the only unfinished job at the end of the month.
Prepare the journal entries reflecting the completion of Job 12 and its eventual sale on account. The selling price is 160% of cost.
1.
Accounts PayableFinished GoodsRaw MaterialsSalesWork in Process
- Select -
Accounts PayableAccounts ReceivableCost of Goods SoldRaw MaterialsWork in Process
- Select -
2.
Accounts PayableCost of Goods SoldRaw MaterialsSalesWork in Process
- Select -
Accounts PayableAccounts ReceivableFinished GoodsRaw MaterialsWork in Process
- Select -
3.
Accounts ReceivableCost of Goods SoldRaw MaterialsSalesWork in Process
- Select -
Accounts PayableAccounts ReceivableCost of Goods SoldRaw MaterialsSales Revenue
- Select -
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