Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Jackson Company uses job costing, and applies overhead to jobs at a rate of
$12 per direct labor hour. Beginning inventories were $15,000 in raw materials, $260,000 in work-in-process, and $150,000 in finished goods. This year, Jackson purchased 10,000 pounds of direct materials at $40/pound and $80,000 in indirect materials on account. Jackson used 9,500 pounds of direct materials and $85,000 in indirect materials. Direct labor worked 35,000 hours and indirect labor worked 7,500 hours. All labor was paid $10/hour, in cash. Through the year, Jackson Incurred $90,000 for factory rent, and $35,000 in miscellaneous manufacturing overhead, all paid in cash, and recorded $80,000 in factory equipment depreciation. During the year, Jackson completed goods costing $1,160,000, $100,000 of which was spoilage normal for the production process, and $60,000 of which was abnormal spoilage. Jackson also incurred normal rework costs of $25,000 and abnormal rework costs of $30,000, paid in cash. Goods costing $950,000 were sold. Jackson incurred administrative expenses of $50,000 and selling expenses of $30,000, both paid in cash, and recorded $18,000 in office equipment depreciation.

Make all journal entries in the normal costing system for the period, and post them to t-accounts.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946218

Have any Question? 


Related Questions in Accounting Basics

Question 1based upon the narrative describing the case what

Question 1: Based upon the narrative describing the case, what cultural element (per Ferraro) was most likely a major contributing factor to the accident? Question 2: If you were brought to the investigation, what recomm ...

Asignment1 the function is one-to-one on the interval

Assignment (1) The function is one-to-one on the interval . Find a formula for the inverse function on that domain. Sketch the graphs of and for on the same set of x,y-axes. (2) Show is one-to-one on the interval . (Just ...

Accountingbulluse the internet to research the annual

Accounting • Use the Internet to research the annual report of at least one merchandising company. Determine which costing method (Last In First Out [LIFO], First In First Out [FIFO], or weighted average cost) that is us ...

What are the effects on equitiesfinancial statement effect

What are the effects on equities? Financial Statement Effect of Equity Securities Presented below is a situation involving equity securities: An equity security, whose fair value is currently less than cost, is classifie ...

1 what is the difference between a significant deficiency

1) What is the difference between a significant deficiency and a material weakness as it relates to internal Control? How does the presence of one material deficiency affect the auditor's report on internal controls unde ...

Assignmentparticipation topic mandatoryinventory additional

Assignment Participation Topic (Mandatory) Inventory Additional Lecture Notes Class, Let me see if I can work up an example of how to calculate and use the different inventory methods. Let us use the following informatio ...

Questionsq1 discuss how the sec has influence if any over

Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. Q2: Discuss the essential activities involved in the initial planning of an audit. How do these all specifically to the ...

Dine corp international publishes ratings and reviews of

Dine corp international publishes ratings and reviews of the world finest restaurants.following are the facts you need to prepare dine corp's march bank reconcilation. Balance per company records at end of month  $      ...

Individual research papercompany case study assignmentthis

Individual Research Paper Company Case Study Assignment This assignment has a number of learning objectives, sources, and opportunities: 1. You will explore financial performance and investor information available fromva ...

Problem 1pringle corporation has been authorized to issue

Problem 1: Pringle Corporation has been authorized to issue 23,300 shares of $100 par value, 8%, noncumulative preferred stock and 1,007,600 shares of no-par common stock. The corporation assigned a $4 stated value to th ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen