Macy Jones, Inc. (MJI) manufactures customized digital televisions. On January 1

Question

Macy Jones, Inc. (MJI) manufactures customized digital televisions. On January 1 of the current year, MJI had the following balances:
$10,000 debit - Finished Goods Inventory (Job #42 only),
$12,000 debit – Work-in Process Inventory (Job #43 only)
$ 5,000 debit – Direct Material Inventory
As MJI’s accountant was preparing January’s journal entries, he became very ill and was unable to complete his work. You have been asked to finish the January entries. You find that the accountant has made the entries found on the next page.
Date Description Debit Credit
10/1 Direct materials inventory 38,000
Accounts payable 38,000
Purchased direct materials on account

10/10 WIP – Job #43 40,000
WIP – Job #44 20,000
Direct materials inventory 38,000
Requisitioned materials for October jobs

10/31 WIP – Job #43 (200 actual hours) 4,000
WIP – Job #44 (980 actual hours) 19,600
Cash 23,600
Paid for direct labor in October

10/31 Manufacturing overhead 9,950
Accumulated depreciation – factory building 4,700
Accounts payable 5,250
Recorded actual manufacturing overhead costs for October
Required: Complete the following two entries for October. You may omit entry descriptions. Show your work.

1. Prepare the journal entry applying overhead for October. Estimated total overhead for October was $9840 and estimated direct labor hours were 1200 hours. (Hint: Actual hours worked are given in the journal entries above.)

Date Description Debit Credit




2. Job #43 was completed on 10/31. Prepare the required entry.

Date Description Debit Credit

Explanation / Answer

The problem is what is the digital balance for MJI in that current year but thats what the problem is right there how much and how much did they sell?

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