Make schedule of cost of goods manufactured for april

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Reference no: EM132774332

The following transactions occurred during the month of April for Kearney Company.

a. Goods were purchased on account.

b. Materials were requisitioned for use in production, $500 for Job #443 and the remainder for Job #444.

c. During the month, direct laborers worked 50 hours on Job #443 and 100 hours on Job #444. Direct laborers are paid at the rate of $8 per hour.

d. Overhead is applied using a plantwide rate of $7.50 per direct labor hour.

e Actual overhead for the month was $1,230 and was paid in cash.

f. Job #443 was completed and transferred to Finished Goods.

g. Job #442, which had been completed and transferred to Finished Goods in March, was sold on account for cost ($2,000) plus 25 percent.

Required

Problem 1. Prepare journal entries for transactions (a) through (e).

Problem 2. Prepare job-order cost sheets for Jobs #443 and #444. Prepare journal entries for transactions (f) and (8).

Problem 3. Prepare schedule of cost of goods manufactured for April. Assume that the beginning balance in the materials account was $1,400 and the beginning balance in the work-in-process account was zero.

Reference no: EM132774332

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