The following information was taken from the job cost sheet for Job 101 for Scott Manufacturing Company:
$\begin{array}{ll}
\text { Date started: } & \text { July 5 } \
\text { Date completed: } & \text { August 21 }
\end{array}$ 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 .

Question

The following information was taken from the job cost sheet for Job 101 for Scott Manufacturing Company:
 $\begin{array}{ll}
\text { Date started: } & \text { July 5 } \
\text { Date completed: } & \text { August 21 }
\end{array}$ 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 .

Quizplus · Accepted Answer

The Answer of The following information was taken from the job cost sheet for Job 101 for Scott Manufacturing Company:
 $\begin{array}{ll}
\text { Date started: } & \text { July 5 } \
\text { Date completed: } & \text { August 21 }
\end{array}$ 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 .

The Following Information Was Taken from the Job Cost Sheet Date started: July 5 Date completed: August 21 \begin{array}{ll}\text { Date started: } & \text { July 5 } \\\text { Date completed: } & \text { August 21 }\end{array} Date started: Date completed: ​ July 5 August 21 ​

The Following Information Was Taken from the Job Cost Sheet $\begin{array}{ll}\text { Date started: } & \text { July 5 } \\\text { Date completed: } & \text { August 21 }\end{array}$