Record the credit sale, Record the credit sale of 2,000

Record the credit sale

Reference no: EM13320488

Riverside Engineering is a machine shop that uses job order costing. Overhead is applied to individual jobs at a predetermined rate based on direct labor costs. The job cost sheet for job no. 321 appears below. JOB COST SHEET JOB NUMBER: 321 DATE STARTED: May 10 PRODUCT: 2" Brass Check Valves DATE COMPLETED:

May 21 UNITS COMPLETED: 4000 Direct materials used $ 7,600 Direct labor 1,400 Manufacturing overhead applied 3,000 Total cost of job no. 321 $ 12,000 Unit cost ($12,000 ÷ 4,000 units) $ 3.00 a. Summarize the manufacturing costs charged to job no. 321. b. Record the completion of job no. 321. c. Record the credit sale of 2,000 units from job no. 321 at a unit sales price of $5. Record in a separate entry the related cost of goods sold. Prepare general journal entries to the above statements ): General Journal Debit Credit a. b. c.

Reference no: EM13320488

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