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[answered] Baker Die Company manufactures cutting dies for the shoe in


Baker Die Company manufactures cutting dies for the shoe industry.? Each set of dies is custom designed to a customer?s template.? During the first week of May, six orders were received from customers.? They were assigned job numbers 1005-1010.? The following transactions occurred during the first week of May.Calculate the total of each job.

Cost of Jobs:

1005

1006

1007

1008

1009

1010

Materials

Labor

Overhead

Total

Prepare Journal entries to record the above information

Work in Process Inventory??????????????? 4,800

??????????????? Materials Payable?????????????????????????????????????????????????????????????? 4,800

To record Purchase of Steel

Work in Process Inventory??????????????? 2,200

??????????????? Materials Payable?????????????????????????????????????????????????????????????? 2,200

To record Purchase of Supplies

Work in Process

??????????????? Manufacturing Overhead

??????????????? Raw Material Inventory

To record Materials used in production

Work in Process

??????????????? Manufactoring Overhead

??????????????? Wages Payable

To record labor

Work in Process

??????????????? Manufactoring Overhead

To record overhead applied to production

Finished Goods

??????????????? Work in Progress

To record jobs completed

Accounts Receivable

Cost of Goods Sold

??????????????? Sales

??????????????? Finished Goods

To record the same of finished goods

 


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