Derby Music Company specializes in producing and packaging compact discs (CDs) for the music…


Question Description:

29.99

Derby Music Company specializes in producing and packaging compact discs (CDs) for the music… 1 answer below » Derby Music Company specializes in producing and packaging compact discs (CDs) for the music recording industry. Derby uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $15,500. b. Materials requisitioned and labor used: View complete question » Factory Materials Labor Job No. 100 $2,650 $1,770 Job No. 101 1,240 650 Job No. 102 980 420 Job No. 103 3,420 1,900 Job No. Derby Music Company specializes in producing and packaging compact discs (CDs) for the music recording industry. Derby uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $15,500. b. Materials requisitioned and labor used: Factory Materials Labor Job No. 100 $2,650 $1,770 Job No. 101 1,240 650 Job No. 102 980 420 Job No. 103 3,420 1,900 Job No. 104 1,000 500 Job No. 105 2,100 1,760 For general factory use 450 650 c. Factory overhead costs incurred on account, $2,700. d. Depreciation of machinery, $1,750. e. Factory overhead is applied at a rate of 70% of direct labor cost. f. Jobs completed: Nos. 100, 101, 102, 104. g. Jobs 100, 101, and 102 were shipped, and customers were billed for $8,100, $3,800, and $3,500, respectively. Instructions 1. Journalize the entries to record the transactions identified above. 2. Determine the account balances for Work in Process and Finished Goods. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. View less » Jul 24 2014 07:48 AM

Answer

29.99