Business, 27.04.2021 16:10 jorfos7683
Fanning Construction Company began operations on January 1, Year 1, when it acquired $16,000 cash from the issuance of common stock. During the year, Fanning purchased $2,500 of direct raw materials and used $2,300 of the direct materials. There were 114 hours of direct labor worked at an average rate of $7 per hour paid in cash. The predetermined overhead rate was $3.00 per direct labor hour. The company started construction on three prefabricated buildings. The job cost sheets reflected the following allocations of costs to each building.
Direct Materials Direct Labor Hours
Job 1 $500 30
Job 2 1,000 54
Job 3 1,000 30
The company paid $68 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $150. Perez completed Jobs 1 and 2 and sold Job 1 for $1,430 cash. The company incurred $150 of selling and administrative expenses that were paid in cash. Over- or underapplied overhead is closed to Cost of Goods Sold.
Required:
Record the preceding events in a horizontal statements model.
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Fanning Construction Company began operations on January 1, Year 1, when it acquired $16,000 cash fr...
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