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Job Cost Journal Entries and T Accounts

$1.$ Materials purchased on account, $$92,800.$

$2.$ Amounts of materials requisitioned and foundry labor used:

Job Materials Foundry Labor

$1$ $$7,040$ $$4,160$

$211,2008,000$

$35,1203,840$

$419,2007,360$

$57,6804,480$

$62,2401,920$

Indirect materials $9,920$

Indirect labor $5,440$

Summarized data for the first month$$s operations of Dobson Welding Foundry are presented below. A job order costing system is used.

$3.$ Foundry overhead is applied at the rate of $200\%$ of direct labor costs.

$4.$ Miscellaneous foundry overhead incurred:

Prepaid foundry insurance written off $$2,368$

Property taxes on foundry building accrued $3,776$

Foundry utilities payable accrued $8,448$

Depreciation on foundry equipment $11,904$

Other costs incurred on account $16,512$

$5.$ Ending work$-$in$-$process consisted of Jobs $4$ and $6.$

$6.$ Jobs $1$ and $3$ and one$-$half of Job $2$ were sold on account for $$32,000,$ $$27,840,$ and $$23,040$

Required:

a$.$ Prepare general journal entries to record the summarized transactions for the month, and post appropriate entries.

b$.$ Post entries using the appropriate T$-$accounts provided and determine the ending balances of any accounts necessary.

c$.$ Prepare schedules of jobs in ending work$-$in$-$process and jobs in ending finished goods to confirm that they agree with the related control accounts.

Journal entries

T$-$accounts

Schedules

General Journal

Ref. Description Debit Credit

$1$

$0$

$0$

Answer

$0$

$0$

Answer

To record purchase of materials.

$2$

$0$

$0$

Answer

$0$

$0$

Answer

$0$

$0$

Answer

To record requisition of materials.

$2$

$0$

$0$

Answer

$0$

$0$

Answer

$0$

$0$

Answer

To record employee wages.

$3$

$0$

$0$

Answer

$0$

$0$

Answer

To apply foundry overhead.

$4$

$0$

$0$

Answer

$0$

$0$

Answer

$0$

$0$

Answer

$0$

$0$

Answer

$0$

$0$

Answer

$0$

$0$

Answer

To record other foundry overhead.

$5$

$0$

$0$

Answer

$0$

$0$

Answer

To record completion of jobs.

$6$

$0$

$0$

Answer

$0$

$0$

Answer

To record cost of goods sold.

$0$

$0$

Answer

$0$

$0$

Answer

To record sale of jobs.

Note: For T$-$Accounts that require entries for materials $($MAT$),$ labor $($LBR$)$ and overhead $($OH$),$ enter your answers in that order $($as marked: MAT, DL$,$ and OH$)$ on the appropriate side of the T$-$account.

Note: Enter all other amounts use the first available space on the appropriate side of the T$-$account.

Note: Not all answer fields will be used. Leave unused answer fields blank.

Materials Inventory

Answer

$0$

Answer

$0$

Answer

$0$

Answer

$0$

Wages Payable

Answer

$0$

Answer

$0$

Answer

$0$

Answer

$0$

Foundry Overhead

MAT Answer

$0$

Answer

$0$

LBR Answer

$0$

Answer

$0$

OH Answer

$0$

Answer

$0$

Work in Process Inventory

MAT Answer

$0$

Answer

$0$

LBR Answer

$0$

Answer

$0$

OH Answer

$0$

Answer

$0$

Bal. Answer

$0$

Finished Goods Inventory

Answer

$0$

Answer

$0$

Answer

$0$

Answer

$0$

Bal. Answer

$0$

Cost of Goods Sold

Answer

$0$

Answer

$0$

Answer

$0$

Job $1$

MAT Answer

$0$

Answer

$0$

LBR Answer

$0$

Answer

$0$

OH Answer

$0$

Bal. Answer

$0$

Job $2$

MAT Answer

$0$

Answer

$0$

LBR Answer

$0$

Answer

$0$

OH Answer

$0$

Bal. Answer

$0$

Job $3$

MAT Answer

$0$

Answer

$0$

LBR Answer

$0$

Answer

$0$

OH Answer

$0$

Bal. Answer

$0$

Job $4$

MAT Answer

$0$

Answer

$0$

LBR Answer

$0$

Answer

$0$

OH Answer

$0$

Bal. Answer

$0$

Job $5$

MAT Answer

$0$

Answer

$0$

LBR Answer

$0$

Answer

$0$

OH Answer

$0$

Bal. Answer

$0$

Job $6$

MAT Answer

$0$

Answer

$0$

LBR Answer

$0$

Answer

$0$

OH Answer

$0$

Bal. Answer

$0$

Note: Select and enter amnounts for the appropriate jobs and total for each table.

Ending work in process inventory:

$0$

Answer

$0$

Answer

$0$

Answer

Ending finished goods inventory:

$0$

Answer

$0$

Answer

$0$

Answer

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