Please answer these questions. Kurtz Fencing Inc. uses a The following data summ
ID: 2558855 • Letter: P
Question
Please answer these questions.
Kurtz Fencing Inc. uses a The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $30,100. b. Materials requisitioned and factory labor used: Materials Factory Labor $3.110 3,710 2,400 $2,720 3,810 1,970 6,870 5,410 301 302 304 5,210 3,850 1,080 For general factory use 4,120 c. Factory overhead costs incurred on account, $5,440. d. Depreciation of machinery and equipment, $1,980. e. The factory overhead rate is $53 per machine hour. Machine hours used Job Machine Hours 301 302 303 32 73 305 38 306 227 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $7,990; Job 302, $10,960; Job 303, $14,290Explanation / Answer
Factory overhead total Materials labor applied Job 301 3,110 2,720 1325 7,155 job 302 3,710 3,810 1855 9,375 job 303 2,400 1,970 1696 6,066 job 304 8,500 6,870 3869 19,239 job 305 5,210 5,410 2014 12,634 job 306 3,850 3,290 1272 8,412 total 26,780 24,070 12031 62,881 1) Journal Entries Accounting titles & Explanations Debit Credit a) Raw materials inventory 30,100 Accounts payable 30,100 b) work in process inventory 56,050 Factory overhead 5,200 Raw materials inventory 27,860 Factory wages payable 28,190 c) Factory overhead 5,440 Accounts payable 5,440 d) Factory overhead 1,980 Accumulated depreciation 1,980 e) Work in process inventory 12,031 Factory overhead 12,031 f) finished goods inventory 35,230 work in process inventory 34,380 g) Accounts receivable (7990+10960+14290) 33240 Sales 33,240 Cost of goods sold (7075+9450+5740) 22,596 finished goods inventory 22,596 2) Work in process inventory b) 26,780 f) 35,230 b) 24,070 e) 12,031 end balance 27,651 Finished goods inventory f) 35,230 g) 22,596 End bal 12,634 3) Schedule of Work in process account job Direct Direct overhead total materials labor applied job 304 8,500 6,870 3869 19,239 job 306 3,850 3,290 1272 8,412 total 12,350 10,160 5141 27,651 4) Schedule of finished goods inventory job Direct Direct overhead total materials labor applied job 305 5,210 5,410 2014 12,634