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Journalize the entries and record the summarized operations

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Reference no: EM13508941

Sinatra industries, inc. uses a job order cost system. The following data summarize the operations related to production for June 2012, the first month of operations:

a. materials purhcased on acct $32,760

b. materials requisitioned and factory labor used:

JOB... MATERIALS... FACTORY LABOR
301... $3,290... $3,080...
302... 4,025... 4,160...
303... 2,660... 2,080...
304... 9,030... 7,640...
305... 5,740... 5,810...
306... 4,170... 3,710...
for general factory use... 1,200... 4,550...

c. factory overhead costs incurred on account : $6,300

d. depreciation of machinery and equipment : $2,200

e. the factory overhead rate is $58 per machine hour. machine hours used:

JOB... MACHINE HOURS
301... 26
302... 38
303... 30
304... 80
305... 40
306... 26
total... 240

f. jobs completed: 301, 302, 303, and 305

g. jobs were shipped and customers were billed as follows:

Job 301 $9,150
Job 302 $12,350
Job 303 $16,600

INSTRUCTIONS>>>>>>

1. journalize the entries and record the summarized operations

2. post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Insert memo account balances as of the end of the month.

3. prepare a schedule of unfinished jobs to support the balance in the work in process account.

4. prepare a schedule of completed jobs on hand to support the balance in the finished goods account.

Reference no: EM13508941

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