Problem 3 (5 points) Ehrling Brothers Company makes jobs to customer...
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Accounting
Problem 3 (5 points) Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred: a. Materials were purchased on account for $45.670. b. Materials totaling $40,990 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $22,400 with an average wage of $14 per hour. d. Actual overhead of $9.020 was incurred and paid in cash, e. Manufacturing overhead is charged to production at the rate of $5.50 per direer labor hour. f. Completed jobs costing $58.000 were transferred to Finished Goods. g. Jobs costing $59,000 were sold on account for $73.750. Beginning balances as of July I were: Materials Inventory $1.200 Work-in-Process Inventory 3.400 Finished Goods Inventory 2,630 Required: 1. Prepare the journal entries for the preceding events. 2. Calculate the ending balances of: a. Materials Inventory b. Work-in-Process Inventory c. Overhead Control d. Finished Goods Inventory
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