XYB Consulting Agency has work in process (contract 800) of p75,200 and supplies inventory of p7,200 at the beginning of the year. Records show the following charges for Contract 800: Direct labor 35,200
Service overhead 40,000

For the first month of it's fiscal year, XYB has made available the following information:
1. Payroll costs for the month
Direct labor costs
Contract 800 26,000
Contract 801 102,000
Contract 802 76,000 p204,000
Indirect labor 48,000

2. Indirect supplies used 3,200

3. Utilities and other costs credited to
Accounts payable 73,600
Prepaid taxes & insurance for
the period 11,200
Depreciation 30,400

4. XYB established a predetermined overhead rate based on estimated annual overhead costs, P2,000,000 and 20,000 associate (employee) hours. This resulted in a rate of 100 per associate hour. Actual associate hours spent for each job in January are as follows:
Contract 800 200 hours
Contract 801 800 hours
Contract 802 700 hours

Apllied overhead to work in process in
January (1700 hours X 100 per hour) 170,000

5. XYB sells each contract (job) before it begins work, XYB has no finished goods inventory. Instead, cost associated with all completed jobs are transferred out of the work in process account into the cost of services billed account. Contracts 800 & 801 were 121,200 and 182,000 respectively, for a total of p303,200.

6. Service overhead was overapplied by p3,600.
Applied overhead 170,000
Actual overhead 166,400
3,600

7. Sales revenue for January 370,000
Marketing & adm exp 36,800

REQUIRED:
a. Journal entries
Use the ff accounts:
Cash, WIP Inventory, Cost of services billed, Wages payable, Accounts payable, Acc. Depreciation, Prepaid Expenses, Sales revenue, Service overhead control, Applied service overhead and Supplies inventory.
b. T accounts for the general ledger accounts
c. Prepare Income Statement for the month of January.

Ido not understand this project overview agricultural commodities are bought and sold through the stock exchange. the price of commodities changes all the time. investors buy many agricultural commodities before they are ready for shipping. when an investor buys an agricultural commodity that is going to be ready in the future, they call this purchasing futures. this might be a future crop, meat that has not yet been processed, or another type of agricultural commodity. for this project, you will have to decide how to spend $10,000. research the new york stock exchange. find one or more agricultural commodities that you are interested in. remember, it may be listed as a future crop. instructions identify the agricultural commodities that you think have the best chance of going up in price. think about what is going on with supply and demand. decide how you will spend your money. you may purchase only agricultural commodities. check the market every day for a week. record the price of your commodity or commodities each day. you may buy or sell your commodities at any time during the week. you may sell your commodities and buy different ones. feel free to experiment with the $10,000 by buying and selling commodities, but make sure to keep a careful record of your activities. at the end of the week, you will write a report on your investments. this report should be structured to include this information: page 1: explain how the stock market works. page 2: list all commodities purchased. describe each in detail. discuss why you selected these commodities. remember, they must be agricultural. page 3: create a chart or graph to illustrate the price of your commodity or commodities over the week’s time. list all of your activity buying and selling. make sure you include prices and details. page 4: write a summary of your experience. describe what you might do differently if you were using actual money. propose potential reasons why the price of each commodity may go up or down.