Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,730.   3 Requisitioned materials totaling $24,470 for use in production. Of the total, $9,220 was for Job 58, $8,850 for Job 59, and the remainder for Job 60.   31 Incurred direct labor for the month of $30,600, with an average wage of $17 per hour. Job 58 used 780 hours; Job 59, 620 hours; and Job 60, 400 hours.   31 Incurred and paid actual overhead of $17,930 (credit Various Payables).   31 Charged overhead to production at the rate of $4.70 per direct labor hour.   31 Completed and transferred Jobs 58 and 59 to Finished Goods.   31 Sold Job 57 (see beginning balance of Finished Goods) and Job 58 to their respective clients on account for a price of cost plus 40%.   Beginning balances as of May 1 were: Materials $2,330 Work in Process 0 Finished Goods (Job 57) 25,590     Required: 1. Prepare journal entries for transactions from May 1 through 31. 2. Prepare brief job-order cost sheets for Jobs 58, 59, and 60. 3. Calculate the ending balance of Raw Materials. 4. Calculate the ending balance of Work in Process. 5. Calculate the ending balance of Finished Goods.

Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October Materials purchased on account, $644,380. 1 Materials requisitioned, $670,250, of which $71,770 was for general factory use. 31 Factory labor used, $637,900, of which $88,640 was indirect. 31 Other costs incurred on account for factory overhead, $142,060; selling expenses, $238,560; and administrative expenses, $151,300. 31 Prepaid expenses expired for factory overhead were $29,450; for selling expenses, $27,540; and for administrative expenses, $18,720. 31 Depreciation of office building was $84,480; of office equipment, $43,730; and of factory equipment, $32,270. 31 Factory overhead costs applied to jobs, $379,790. 31 Jobs completed, $988,380. 31 Cost of goods sold, $921,340. Required: Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for…

Letena Company had only one job in process on July 1. The job had been charged with $1,000 of direct materials, $3,302 of direct labor and $5,382 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $23.10 per labor-hour. During July, the following information on Letena's activities was recorded: Raw Materials:   Beginning Balance $6,100 Purchased $70,000 Used in Production $69,600 Labor:   Direct labor-hours worked during July 1,160 Direct labor cost incurred $15,400 Other information:   Actual Manufacturing overhead incurred: $29,002 Work-in-Process Inventory, July 31: $13,200 Work-in-Process inventory on July 31 contains $2,921 of direct labor cost.   The entry to dispose of the underapplied or overapplied manufacturing overhead for July would include a debit or credit of BLANK to the account Manufacturing Overhead.

The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,100 machine-hours were used in October. g. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 28% above cost Required: 1. Prepare journal entries to record the transactions given…