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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

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