Entries and Schedules for Unfinished Jobs and Completed Jobs Sinatra Industries,
ID: 2365671 • Letter: E
Question
Entries and Schedules for Unfinished Jobs and Completed Jobs Sinatra Industries, Inc. uses a job order cost system. The following data summarize the operations related to production for June 2012, the first month of operations: Materials purchased on account, $32,760. Materials requisitioned and factory labor used: Factory overhead costs incurred on account, $6,300. Depreciation of machinery and equipment, $2,200. The factory overhead rate is $58 per machine hour. Machine hours used: Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $9,150; Job 302, $12,350; Job 303, $16,600. 1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". This is what I have so far... Entries Description Debit Credit A. Materials 32,760 Accounts Payable 32,760 B. Work in process ?????????????? Factory Overhead ?????????????? Materials 30,115 Wages Payable ?????????????? C. Factory Overhead 6,300 Accounts Payable 6,300 D. Factory Overhead 2,200 Accumulated Dep Machinery & Equip 2,200 E. Work in process ????????????????? Factory Overhead ????????????????? F. Finished Goods 38,617 Work in Process 38,617 G.Sale Accounts Receivable 38,100 Sales 38,100 G. Cost Cost of Goods Sold ?????????????? Finished goods ????????????????Explanation / Answer
Materials
32,760
Accounts Payable
32,760
Work in Progress
28,915
Materials
28,915
Work in Progress
17,160
Wages Payable
17160
Factory Overhead
5,750
Materials
1,200
Wages Payable
4,550
Factory Overhead
6,300
Accounts Payable
6,300
Factory Overhead
2,200
Accumulated Depreciation of machinery and equipment
2,200
Factory Overhead
13,920
Machine Hours used
13,920
Finished Goods
38,617
Work in Progress
38617
Sales Accounts Receivable
38,100
Sales
38100
Materials
32,760
Accounts Payable
32,760
Work in Progress
28,915
Materials
28,915
Work in Progress
17,160
Wages Payable
17160
Factory Overhead
5,750
Materials
1,200
Wages Payable
4,550
Factory Overhead
6,300
Accounts Payable
6,300
Factory Overhead
2,200
Accumulated Depreciation of machinery and equipment
2,200
Factory Overhead
13,920
Machine Hours used
13,920
Finished Goods
38,617
Work in Progress
38617
Sales Accounts Receivable
38,100
Sales
38100
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