stockman co began 2013 with three jobs in process during 2013 the following transact 3615299

February 5, 2021/in Business Homework Help Online /by Joseph

Stockman Co. began 2013 with three jobs in process.,During 2013, 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 OH of $ 240,000 and total DL cost of $ 600,000 for 2013. Actual total factory OH 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.

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