Record the following journal entries for the Pour Judgment Restaurant that uses

Question

Record the following journal entries for the Pour Judgment Restaurant that uses a job costing system to prepare custom batches of beverages. $90,000 of materials were used in production during April. Record the journal entry related to using the $90.00 of materials in production. 1· 2. Overhead of $140,000 was applied to jobs in April. Record the appropriate entry 3. Jobs costing $320,000 were finished during the month of April. Record the appropriate journal entry 4. Jobs costing $400,000 were sold during the month of April. Record the appropriate journal entry. At the end of April, Pour Judgment Restaurant had a $2,000 debit balance in the factory overhead account. Record the appropriate journal entry to close out the factory overhead account. 5. 6. Bonus point (oh boy!): For #5 above, was overhead under orover applied?

Explanation / Answer

1. WIP control A/C dr. $90000

To Material control account $90000

2. WIP control A/c dr. $140000

To Factory overheads A/c & 140000

3. Finished goods control A/c dr. $ 320000

To WIP control A/c 320000

4. Recording of cost of goods sold

Finished goods control a/c dr. 400000

To WIP control a/c 400000

5. Costing profit & los a/c dr. 2000

To Overhead control a/c 2000

6 It. means under applied

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.