Yurman Inc Uses Job Order Costing System Month May Following Transactions Occurred May 1 P Q18723592

Yurman Inc. uses a job-order costing system. During the month ofMay, the following transactions occurred:

May 1 Purchased materials on account for$29,670.
3 Requisitioned materials totaling$24,500 for use in production. Of the total, $9,200 was for Job 58,$8,900 for Job 59, and the remainder for Job 60.
31 Incurred direct labor for the monthof $32,400, with an average wage of $18 per hour. Job 58 used 800hours; Job 59, 600 hours; and Job 60, 400 hours.
31 Incurred and paid actual overheadof $17,880 (credit Various Payables).
31 Charged overhead to production atthe rate of $4.80 per direct labor hour.
31 Completed and transferred Jobs 58and 59 to Finished Goods.
31 Sold Job 57 (see beginning balanceof Finished Goods) and Job 58 to their respective clients onaccount for a price of cost plus 40%.

Beginning balances as of May 1 were:

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Materials $2,300
Work in Process 0
Finished Goods (Job 57) 25,600
Required:
1. Prepare journal entries fortransactions from May 1 through 31.
2. Prepare brief job-order costsheets for Jobs 58, 59, and 60.
3. Calculate the ending balance ofRaw Materials.
4. Calculate the ending balance ofWork in Process.
5. Calculate the ending balance ofFinished Goods.

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