A machine shop that uses job order costing. Overhead isapplied to individual job
ID: 2433464 • Letter: A
Question
A machine shop that uses job order costing. Overhead isapplied to individual jobs ata predetermined rate based on directlabor costs. the job costs sheet for job no. 321 appearsbelow: Job Cost Sheet Job Number:321 Date Started: May 10 Product: 2" Brass Checkvalves Date Completes: May 21 Units Completed: 4,000 Direct omaterials used.....................................$7,720 Directlabor..................................................... 1,400 Manufacturing overheadapplied...................... 3,080 Total cost of job no. 321.................................$12,200 Unit cost ( $12,200 / 4,00 units...................... $3.05 Prepare general journal entires to recordthe credit sale of2,100 units from job no. 321 at a unit sales price of $5. Record in a seperate entry the related cost of goods sold. A machine shop that uses job order costing. Overhead isapplied to individual jobs ata predetermined rate based on directlabor costs. the job costs sheet for job no. 321 appearsbelow: Job Cost Sheet Job Number:321 Date Started: May 10 Product: 2" Brass Checkvalves Date Completes: May 21 Units Completed: 4,000 Direct omaterials used.....................................$7,720 Directlabor..................................................... 1,400 Manufacturing overheadapplied...................... 3,080 Total cost of job no. 321.................................$12,200 Unit cost ( $12,200 / 4,00 units...................... $3.05 Prepare general journal entires to recordthe credit sale of2,100 units from job no. 321 at a unit sales price of $5. Record in a seperate entry the related cost of goods sold. Direct omaterials used.....................................$7,720 Directlabor..................................................... 1,400 Manufacturing overheadapplied...................... 3,080 Total cost of job no. 321.................................$12,200 Unit cost ( $12,200 / 4,00 units...................... $3.05 Prepare general journal entires to recordthe credit sale of2,100 units from job no. 321 at a unit sales price of $5. Record in a seperate entry the related cost of goods sold.Explanation / Answer
Accounts Receivable
$10,500
Sales
$10,500
(To record credit sale of 2,100 units from Job no. 321 @$5 per unit)
Cost of Goods Sold
$6,405
Finished Goods Inventory
$6,405
(To record cost of sales for 2,100 units from Job no. 321,2,100 units * $3.05 per unit)
Accounts Receivable
$10,500
Sales
$10,500
(To record credit sale of 2,100 units from Job no. 321 @$5 per unit)
Cost of Goods Sold
$6,405
Finished Goods Inventory
$6,405
(To record cost of sales for 2,100 units from Job no. 321,2,100 units * $3.05 per unit)
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