Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. c. answer the following: (1) what is the balance o

C. Answer the following: (1) What is the balance of the work in process (2)...

60.1K

Verified Solution

Question

Accounting

image

C. Answer the following: (1) What is the balance of the work in process (2) What is the balance of the finished goods (3) What is the total cost of goods sold

D. Prepare the statement of cost of goods sold and determine the gross profit per job and in total. For PR2-1A, assume that sales is $1,500,000.

PR 2-1A Entries for Costs in a Job Order Cost System Obj. 2 Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: a. Materials purchased on account, $315,500. b. Materials requisitioned, $290,100, of which $8,150 was for general factory use. c. Factory labor used, $489,500 of which $34,200 was indirect. d. Other costs incurred on account for factory overhead, $600,000; selling expenses, $150,000; and administrative expenses, $100,000. e. Prepaid expenses expired for factory overhead were $18,000; for selling expenses, $6,000; and for administrative expenses, $5,000. f. Depreciation of office building was $30,000; of office equipment, $7,500; and of factory equipment, $60,000. g. Factory overhead costs applied to jobs, $711,600. h. Jobs completed, $1,425,000. i. Cost of goods sold, $1,380,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Address the following questions related to heat exchanger effectiveness. Recall that the maximum heat transfer possible...

Mechanical Engineering
Q

We all know how important it is to pre-test a questionnaire before it is “launched”. Who...

General Management
Q

IPLE CHOICE Choose the one alternative that best completes the statement or answers the question...

Biology
Q

R 20 A 5 0 mA 15 mA Enx A 50 cm long metal rod...

Physics
Q

A conducting loop of resistance R and radius r has its center at the origin...

Physics
Q

EAFM2 F 2 032 ank advertises a nominal rate of 6 41 compounded semiannually A...

Basic Math
Q

Monies collected and distributed by a county for special tax districts are reported in a(n)...

Accounting
Q

BAK Corp. is considering purchasing one of two new diagnostic machines. Either machine would make...

Accounting
Q

What additional or meaningful response do you have on student's paragraphs below regarding Nigerian money...

Accounting
Q

You are saving for a new house. You place $40,000 into an investment account each...

Accounting
Q

1. Company A has provided you with the following information for the month of October...

Accounting
Q

Marr corporation has two products in its ending inventory each accounted for at the lower...

Accounting