journal entries t accounts kapoor company uses job order costing during january the 4145897
Journal Entries, T-Accounts Kapoor Company uses job-order costing. During January, the following data were reported: a. Materials purchased on account: direct materials, $98,500; indirect materials, $14,800.b. Materials issued: direct materials, $82,500; indirect materials, $8,800.c. Labor cost incurred: direct labor, $67,000; indirect labor, $18,750.d. Other manufacturing costs incurred (all payables), $46,200.e. Overhead is applied on the basis of 110 percent of direct labor cost. f. Work ?nished and transferred to Finished Goods Inventory cost $230,000.g. Finished goods costing $215,000 were sold on account for 140 percent of cost. h. Any over- or under applied overhead is closed to Cost of Goods Sold. Required: 1. Prepare journal entries to record these transactions. 2. Prepare a T-account for Overhead Control. Post all relevant information to this account. What is the ending balance in this account?3. Prepare a T-account for Work-in-Process Inventory. Assume a beginning balance of $10,000, and post all relevant information to this account. Did you assign any actual over-head costs to Work-in-Process Inventory? Why or why not?
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