Ask Question, Ask an Expert


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 the accounts


Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946263

Have any Question? 

Related Questions in Accounting Basics

Case study-nbsp pc problems plcpc problems plc is a

Case Study-  PC Problems plc PC Problems plc is a (fictitious) company engaged in the servicing of personal computers on a carry-in basis. The company started out several years ago as a small shop working on household ap ...

Assignment - journals ledger and trial balancethe following

Assignment - Journals, Ledger and Trial Balance The following transactions relates to Merlin Bruce, a sole trader, during his first month of business: Date Transaction details 01-Jan Started business by investing $25,000 ...

Accounting questionrecent news stories have clearly

Accounting Question: Recent news stories have clearly established that there are increasing instances of cyber-crime that are plaguing major corporations and financial institutions. These crimes have taken many forms, su ...

The costs listed below relate to a variety of different

The costs listed below relate to a variety of different decision situations. Cost Decision 1. Unavoidable fixed overhead Eliminate an unprofitable segment 2. Direct labor Make or buy 3. Original cost of old equipment Equ ...


Introduction                                                                                                       You are the professional accountant for The Sami Store owned by Mr. John Smith.  You have the task of pre ...

Presentation on cybercrimemayfield electronics inc an

Presentation on CyberCrime Mayfield electronics, Inc., an international company has asked your accounting firm to share with its employees the threat of cybercrime and how the company can protect itself corporately as we ...

Review of current accounting issuestaskin your accounting

Review of Current Accounting Issues Task In your accounting career you will be required to analyse current accounting issues and communicate your theoretical understanding to your professional colleagues and your clients ...

Titania co sells p 400000 of 12 bonds on june 1 2010 the

Titania Co. sells P 400,000 of 12% bonds on June 1, 2010. The bonds pay interest or December 1 and June 1. The due date of the bonds is June 1, 2014. The bonds yield 10% On October 1, 2011, Titania buys back P 120,000 wo ...

You may have to research more than 1 company to complete

You may have to research more than 1 company to complete the Key Assignment. Plan accordingly. The purpose of this Key Assignment is to get familiar with annual reports and to understand the financial implications of the ...

Topic ethics in auditing practiceyour assignment should

Topic: "Ethics in auditing practice" Your assignment should answer the following questions: 1. Provide a brief overview of the nature of the auditing/ethical issue/s involved with Ethics in auditing practice. 2. How does ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate