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Entries for Costs in a Job Order Cost System GIA Co. uses a job order cost...

  1. Entries for Costs in a Job Order Cost System

    GIA Co. uses a job order cost system. The following data summarize the operations related to production for May:

    1. Materials purchased on account, $612,650.
    2. Materials requisitioned, $514,630, of which $66,900 was for general factory use.
    3. Factory labor used, $631,030, of which $119,900 was indirect.
    4. Other costs incurred on account for factory overhead, $147,040; selling expenses, $226,680; and administrative expenses, $134,780.
    5. Prepaid expenses expired for factory overhead were $28,180; for selling expenses, $23,890; and for administrative expenses, $17,150.
    6. Depreciation of office building was $82,100; of office equipment, $41,660; and of factory equipment, $28,180.
    7. Factory overhead costs applied to jobs, $349,210.
    8. Jobs completed, $808,700.
    9. Cost of goods sold, $784,190.

    Required:

    Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.

    a. Materials purchased on account, $612,650.

    Entry Description Debit Credit
    a.

    b. Materials requisitioned, $514,630, of which $66,900 was for general factory use.

    Entry Description Debit Credit
    b.

    c. Factory labor used, $631,030, of which $119,900 was indirect.

    Entry Description Debit Credit
    c.

    d. Other costs incurred on account for factory overhead, $147,040; selling expenses, $226,680; and administrative expenses, $134,780.

    Entry Description Debit Credit
    d.

    e. Prepaid expenses expired for factory overhead were $28,180; for selling expenses, $23,890; and for administrative expenses, $17,150.

    Entry Description Debit Credit
    e.

    f. Depreciation of office building was $82,100; of office equipment, $41,660; and of factory equipment, $28,180.

    Entry Description Debit Credit
    f.

    g. Factory overhead costs applied to jobs, $349,210.

    Entry Description Debit Credit
    g.

    h. Jobs completed, $808,700.

    Entry Description Debit Credit
    h.

    i. Cost of goods sold, $784,190.

    Entry Description Debit Credit
    i.

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Answer:

Entry Description Debit $612,650 Credit Material Invento Accounts payable $612,650 (to record material purchase) Entry Description Debit $447.730 $66,900 Credit Work in Process Factory Overhead Material Invento $514,630 (to record material issued Entry Description Debit $511,130 $119,900 Credit C. Work in Process Factory Overhead Wage expense $631,030 (to record labor used) Entry Description Debit $147,040 $226,680 $134,780 Credit Factory Overhead Selling expense Administrative Expense Cash/Account payable $508,500 (to record expenses incurred

Entry Description Debit $28,180 $23,890 $17,150 Credit Factory overhead Selling expense Administrative expense Prepaid expense $69,220 (to record prepaid expenses expired) Entry Description Debit $82,100 $41,660 $28,180 Credit Depreciation - Office Buildin Depreciation - Office equipment Factory Overhead Accumulated Depreciation $151,940 (to record depreciation expenses incurred) Entry Description Debit Credit Work in process $349,210 Factory Overhead $349,210 (to record factory overhead applied) Entry Description Debit $808,700 Credit Finished Goods Invento Work in process $808,700 (to record transfer to finished goods on job completion) Entry Description Debit $784,190 Credit Cost of goods sold Finished Goods Invento $784,190 (to record cost of goods sold)

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