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Home / Questions / The following information was taken from the job cost sheet for Job 101 for Scott Manufact...

The following information was taken from the job cost sheet for Job 101 for Scott Manufacturing Company

The following information was taken from the job cost sheet for Job 101 for Scott Manufacturing Company:

 

Date started:July 5

Date completed:August 21

 

     Direct Direct FactoryJob

Date  Materials     LabourOverhead    Total

July 5$3,000

July 15$   900$450

July 171,500

July 221,350675

August 11,500

August 21600300

 

Job 101 was sold on account on August 25 for 160% of its cost.

 

Required:

A.Prepare the journal entries to record the costs incurred for Job 101 in the current year for direct materials, direct labour, and factory overhead.

B.Prepare the journal entry to record the completion of Job 101.

C.What is the predetermined factory overhead rate for Scott?

D.Prepare the journal entries to record the sale of Job 101.

Mar 13 2020 View more View Less

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