Question Details

(Solution) - Stockman Co began 2010 with three jobs in process

Brief item decscription

Solution download

Item details:

Stockman Co. began 2010 with three jobs in process:

During 2010, the following transactions occurred:
1. The firm purchased and paid for $542,000 of raw material.
2. Factory payroll records revealed the following:
? Indirect labor incurred was $54,000.
? Direct labor incurred was $602,800 and was associated with the jobs as follows:
Job No. Direct Labor Cost
247 ........ $17,400
251 ....... 8,800
253 ...... 21,000
254 ....... 136,600
255 ...... 145,000
256 ...... 94,600
257 ....... 179,400
3. Material requisition forms issued during the year revealed the following:
? Indirect material issued totaled $76,000.
? Direct material issued totaled $466,400 and was associated with jobs as follows:
Job No. Direct Material Cost
247 ....... $12,400
251 ....... 6,200
253 ........ 16,800
254 ....... 105,200
255 ....... 119,800
256 ........ 72,800
257 ....... 133,200
4. Overhead is applied to jobs on the basis of direct labor cost. Management budgeted overhead of $240,000 and total direct labor cost of $600,000 for 2010. Actual total factory overhead costs (including indirect labor and indirect material) for the year totaled $244,400.
5. Jobs #247 through #255 were completed and delivered to customers, who paid for the goods in cash. The revenue on these jobs was $2,264,774.
a. Journalize all preceding events.
b. Determine the ending balances for the jobs still in process.
c. Determine the cost of jobs sold, adjusted for underapplied or overappliedoverhead.


About this question:

This question was answered on: Jul 11, 2017

PRICE: $15 (18.37 KB)

Buy this answer for only: $15

Pay using PayPal (No PayPal account Required) or your credit card. All your purchases are securely protected by PayPal.

Need a similar solution fast, written anew from scratch? Place your own custom order

We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

Order Now