Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Get quick and reliable answers to your questions from a dedicated community of professionals on our platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Journal Entries, T-Accounts Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: Materials were purchased on account for $45,670. Materials totaling $40,990 were requisitioned for use in producing various jobs. Direct labor payroll for the month was $22,400 with an average wage of $14 per hour. Actual overhead of $9,020 was incurred and paid in cash. Manufacturing overhead is charged to production at the rate of $5.50 per direct labor hour. Completed jobs costing $58,000 were transferred to Finished Goods. Jobs costing $59,000 were sold on account for $73,750. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs. Beginning balances as of July 1 were: Materials Inventory $1,200 Work-in-Process Inventory 3,400 Finished Goods Inventory 2,630 Required: Message

Sagot :

Answer: See attachment

Explanation:

a. The journal entries for the preceding events have been attached. Note that for (e), work in process inventory was calculated as:

= $22400 × 5.5/14 = $8800

b. The ending balance for:

Material inventory = 1200 + 44670 - 40990 = 5880

Work in process inventory = 3400 + 40990 + 22400 + 8800 - 58000 = 17590

Overhead control = 9020 - 8800 = 220

Finished goods inventory = 2630 + 58000 - 59000 = 1630

View image topeadeniran2
We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.