Robinson Corporation constructs new homes. Assume that Robinson uses a job costing system. During July 2018,...
Robinson Corporation constructs new homes. Assume that Robinson uses a job costing system. During July 2018, the following transactions occurred: Robinson purchased $4,500 of lumber on account. Robinson used $3,750 of lumber in production and incurred 50 hours of direct labor hours at $15 per hour. Depreciation of $1,500 on equipment used to build new houses was recorded. A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash. ? The journal entry to record the requisition of lumber for Robinson would include a a. debit to Work-in-Process of $3,750. b. credit to Finished Goods of $3,750. c. debit to Work-in-Process of $4,500. d. debit to Materials Inventory of $3,750.
Homework Answers
Journal entry record the requisition of lumber
| Date | accounts & explanation | debit | credit |
| Work in process | 3750 | ||
| Raw material inventory | 3750 | ||
so answer is a) debit to work in process of $3750
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Robinson Corporation constructs new homes. Assume that Robinson
uses a job costing system. During July 2018,...
Problem for Job Order Costing Tiny Homes uses a job costing system to account for the...
Problem for Job Order Costing
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P19-30A
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MemoryMemory uses a job order costing system in which each house
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account titled Construction Overhead. The company applies overhead
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Problem for Job Order Costing
Tiny Homes uses a job costing system to account for the individual prefabricated homes of January 1, its accounting records showed inventories as follows the individual prefabricated homes it builds. As Materials and supplies Work in process (Jobs 422 and 423) Finished goods (Job 421) $120,000 180,000 175,000 The work in process in ventory consisted of two jobs: Job# 422 423 Direct Materials $36,000 Direct Labor Manufacturing Overh $40,000 $20,000 $96,000 $36,000 $180,000 $76,000 $68,000...
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P19-30A
Construction, Inc. is a home builder in Arizona.
MemoryMemory uses a job order costing system in which each house
is a job. Because it constructs houses, the company uses an
account titled Construction Overhead. The company applies overhead
based on estimated direct labor costs. For the year, it estimated
construction overhead of $1,050,000 and total direct labor cost of
$2,100,000.The following events occurred during August:
a.
Purchased materials on account, $ 420 comma 000$420,000
b.
Requisitioned direct materials and...
Piekos Corporation is a manufacturer that uses job-order costing. In a recent period, Piekos' reported total cost of goods manufactured of $700,000 on its schedule of cost of goods manufactured. Included in this determination was $425,000 in direct labor costs, $150,000 in direct materials used. In addition, Piekos incurred $200,000 in actual manufacturing overhead costs. Based on their predetermined overhead rate, Piekos applied $180,000 in overhead during the period. Which of the following entries would definitely be found in Piekos...
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