Answer: Incomplete question. Here is the question you omitted
Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
1Record the issuance of raw materials to production.
2Record Oak Creek Furniture Factory’s payroll costs. Assume the direct labor is owed but not paid.
3Record the application of manufacturing overhead to production
4Compute the cost of Jobs 33, 34, and 35 at the end of the month.
5. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end.
Please see below for answers.
Explanation:Work in Process Balance on 3/1
Job 33 $ 7,500
Job 34 $ 6,000
$13,500
Materials Requisitions Forms labourTickets Status of Job at Month-End
job 33 $ 3,500 $ 6,500 Completed and sold
Job 34 6,000 7,800 Completed, but not sold
Job 35 4,200 3,250 In process
Indirect 1,300 2,140
$ 15,000 $ 19,690
1)Journal to Record the issuance of raw materials to production.
Account Debit Credit
work in progress inventory (15,000- 1300) 13,700
Manufacturing overhead 1,300
Raw material inventory $15,000
2)Journal to Record the Payroll costs
Account Debit Credit
work in progress inventory (19,690- 2, 140) 17,550
Manufacturing overhead 2,140
wages payable $19, 690
3)Journal to Record application of manufacturing overhead to production
Account Debit Credit
work in progress inventory (17,550 x 150 %) $26,325
Manufacturing overhead $26,325
4) Compute the cost of Jobs 33, 34, and 35 at the end of the month.
job 33 job 34 job 35
opening cost-- 7500 6000 0
material cost-- 3500 6000 4200
labour cost-- 6500 7800 3250
overhead cost
at 150% labour cost 9750 11,700 4875
total $27,250 $31,500 $12,325
5)Calculate the balance
Work in Process Inventory= job 35 since work in progress=$12,325
Finished Goods Inventory= job 34 since Completed, but not sold=$31,500
and Cost of Goods Sold = job 33 Completed, and sold = $27,250
