Question

Instructions DiSalvio Co. uses a job order cost system. The following data summarize the operations related to production for May May TUTTI 1 Materials purchased on account, $603,850 2 Materials requisitioned, $641,100, of which $75,300 was for general factory use. 31 Factory labor used, $688,540, of which $90,730 was indirect. 31 Other costs incurred on account for factory overhead, $154,470; selling expenses, $234,760; and administrative expenses, $145,220 31 Prepaid expenses expired for factory overhead were $30,340; for selling expenses. $27,590; and for administrative expenses, 518,760. 31 Depreciation of office building was $86,990; of equipment, $41,730; and of factory equipment, $32,800 31 Factory overhead costs applied to jobs, 53 31 Jobs completed, $1,017,780. 31 Cost of goods sold, $868.240. Journalize the entries to record the summarized oper for exact wording of account titles.

Answer 1

Date	Accounts title and Explanation	Debit	Credit
May-01	Materials	$     603,850
	Accounts Payable		$     603,850
	(To record the materials purchased on account)
May-02	Work in Process ($641,100-$75,300)	$     565,800
	Factory Overhead	$       75,300
	Materials		$     641,100
	(To record the materials used)
May-31	Work in Process (688,540 - 90,730)	$     597,810
	Factory Overhead	$       90,730
	Wages Payable		$     688,540
	(To record the labor costs)
May-31	Factory Overhead	$     154,470
	Selling Expenses	$     234,760
	Administrative Expenses	$     145,220
	Accounts Payable		$     534,450
	(To record the factory overhead, selling and admn. Expenses)
May-31	Factory Overhead	$       30,340
	Selling Expenses	$       27,590
	Administrative Expenses	$       18,760
	Prepaid Expenses		$       76,690
	(To record the factory overhead, selling and admn. Expenses)
May-31	Depreciation Expense-Office Building	$       86,990
	Depreciation Expense-Office Equipment	$       41,730
	Factory Overhead	$       32,800
	Accumulated Depreciation-Building and Equipment		$     161,520
	(To record the depreciation expense)
May-31	Work in Process	$     363,550
	Factory Overhead		$     363,550
	(To record the overhead applied)
May-31	Finished Goods	$ 1,017,780
	Work in Process		$ 1,017,780
	(To record the jobs completed)
May-31	Costs of Goods Sold	$     868,240
	Finished Goods		$     868,240
	(To record the cost of goods sold)