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Exercise 167 (Part Level Submission) Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7,600 and two jobs in process: Job No. 221, $3,600, and Job No. 222, $4,000. During April, a summary of source documents reveals the following: Materials Requisition Slips For Labor Time Tickets Job No. 221 $1,200 1,700 2,400 2,600 600 $8,500 $2,100 2,200 2,900 2,800 400 $10,400 223 224 General use Totals Foster applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month

Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221. when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit April 30 (To record the raw materials requisitioned) (To record factory labor used) To record the compleion of job no. 221)

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Overhead Job No Job 221 Sub Total Job 222 Job 223 Job 224 Sub Total General Total Begininng Balance Materials Factory Labor @ 70% of DLC Total 3,600 3,600 4,000 1,200 1,200 1,700 2,400 2,600 7,900 600 8,500 2,100 2,100 2,200 2,900 2,800 10,000 400 10,400 1,470 1,470 1,540 2,030 1,960 7,000 8,370 8,370 9,440 7,330 7,360 32,500 1,000 33,500 0 7,600 7,600 7,000 Prepare journal entries to record the transactions given above Transaction General Journal a. Direct and indirect materials used Debit Credit Work in process Manufacturing Overhead Raw Material (raw materials issued to production & indirect material) 7,900 600 8,500 b. Direct and indirect labor used Work-in Process Manufacturing Overhead Factory Pavroll (Direct & Indirect Labor cost) 10,000 400 10,400 c. Factory overhead applied to all four jobs Work-in Process Manufacturing Overhead (70% of direct labor) 7,000 7,000 d. Completion of Job 221 Finished Goods Work in process (Job 221 transferred to the finished goods) 8,370 8,370

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