Reference no: EM132510014
Diaz Company employs a job cost system. As of January 1, 2019, its records showed the following inventory balances:
Materials $31,500
Work in process $56,500
Finished goods (30,000 units @ $3) $90,000
Summarized below are the production and sales data for the company for 2019:
1. Materials purchased $95,000
2. Materials requisitioned: direct materials for Job No. 378, $16,000; for Job No. 379, $32,000; and Job No. 380, $36,000; supplies (indirect materials) requisitioned, $4,500.
3. Factory payroll distributed: direct labor to Job No. 378, $30,000; to Job No. 379, $45,000; and to Job No.380, $60,000; indirect labor, $15,000
4. Manufacturing overhead is assigned to work in process at $0.50 per dollar of direct labor (the same rate as in 2018)
5. Job Nos. 378 and 379 were completed
6. Factory indirect costs (other than indirect labor and indirect materials); depreciation, $7,000; heat, light, and power, $3,000; and miscellaneous, $5,000.
7. Sales for the year amounted to $320,000; cost of goods sold, $197,000.
Required:
Question 1: Use T-accounts to illustrate the journal entries for the above summarized transactions.
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