Riverside Engineering is a machine shop that uses job order costing. Overhead is

Question

Riverside Engineering is a machine shop that uses job order costing. Overhead is applied to individual jobs at a predetermined rate based on direct labor costs. The job cost sheet for job no. 321 appears below.

JOB COST SHEET
JOB NUMBER: 321 DATE STARTED: May 10
PRODUCT: 2" Brass Check Valves DATE COMPLETED: May 21
UNITS COMPLETED: 4000
Direct materials used $ 7,800
Direct labor 1,500
Manufacturing overhead applied 3,000

Total cost of job no. 321 $ 12,300

Unit cost ($12,300 ÷ 4,000 units) $ 3.08


a. Summarize the manufacturing costs charged to job no. 321.
b. Record the completion of job no. 321.
c. Record the credit sale of 2,100 units from job no. 321 at a unit sales price of $5. Record in a separate entry the related cost of goods sold.

Prepare general journal entries to the above statements (Omit the "$" sign in your response):

Explanation / Answer

JOB COST SHEET JOB NUMBER: 321 DATE STARTED: May 10 PRODUCT: 2" Brass Check Valves DATE COMPLETED: May 21 UNITS COMPLETED: 4000 Direct materials used $ 7,800 Direct labor 1,500 Manufacturing overhead applied 3,000 Total cost of job no. 321 $ 12,300 Unit cost ($12,300 ÷ 4,000 units) $ 3.08

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