Entries for Costs in a Job Order Cost System
Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March:
1. Materials purchased on account, $514,610.
2. Materials requisitioned, $432,270, of which $56,200 was for general factory use.
3. Factory labor used, $530,050, of which $100,710 was indirect.
4. Other costs incurred on account for factory overhead, $123,510; selling expenses, $190,410; and administrative expenses, $113,210.
5. Prepaid expenses expired for factory overhead were $23,670; for selling expenses, $20,070; and for administrative expenses, $14,410.
6. Depreciation of factory equipment was $23,670; of office equipment, $34,990; and of office building, $68,960.
7. Factory overhead costs applied to jobs, $293,330.
8. Jobs completed, $679,290.
9. Cost of goods sold, $658,700.
a | Materials | 514610 | |
Accounts Payable | 514610 | ||
b | Work in Process | 376070 | |
Factory Overhead | 56200 | ||
Materials | 432270 | ||
c | Work in Process | 473850 | |
Factory Overhead | 56200 | ||
Wages Payable | 530050 | ||
d | Factory Overhead | 123510 | |
Selling Expenses | 190410 | ||
Administrative Expenses | 113210 | ||
Accounts Payable | 427130 | ||
e | Factory Overhead | 23670 | |
Selling Expenses | 20070 | ||
Administrative Expenses | 14410 | ||
Prepaid Expenses | 58150 | ||
f | Factory Overhead | 23670 | |
Depreciation Expense-Office Equipment | 34990 | ||
Depreciation Expense-Office Building | 68960 | ||
Accumulated Depreciation-Buildings and Equipment | 127620 | ||
g | Work in Process | 293330 | |
Factory Overhead | 293330 | ||
h | Finished Good | 679290 | |
Work in Process | 679290 | ||
i | Cost of Goods Sold | 658700 | |
Finished Goods | 658700 |
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $599,490. Materials requisitioned, $503,570, of which $65,460 was for general factory use. Factory labor used, $617,470, of which $117,320 was indirect. Other costs incurred on account for factory overhead, $143,880; selling expenses, $221,810; and administrative expenses, $131,890. Prepaid expenses expired for factory overhead were $27,580; for selling...
dovokeretakeAssignmentSessionLocator=&inprogress=false Calculator Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to prodtion for March: a. Materials purchased on account, $494,280. b. Materials requisitioned, $415,200, of which $53,980 was for general factory use. c. Factory labor used, $509,110, of which $96,730 was indirect. d. Other costs incurred on account for factory overhead, $118,630; selling expenses, $182,880; and administrative expeses, $108,740. e. Prepaid expenses expired...
Entries for Costs in a Job Order Cost System Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank. Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $770,000. Materials requisitioned, $680,000, of which $75,800 was for general factory use. Factory labor used, $756,000, of which $182,000 was indirect. Other costs...
Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $770,000. b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. c. Factory labor used, $756,000, of which $182,000 was indirect d. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600. e. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost system. The following data summarize the operations related to production for July a. Materials purchased on account, $585,610 b. Materials requisitioned, $491,910, of which $63,950 was for general factory use c. Factory labor used, $603,180, of which $114,600 was indirect d. Other costs incurred on account for factory overhead, $140,550; selling expenses, $216,680; and administrative expenses, $128,830 e. Prepaid expenses expired for factory overhead,...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: Materials purchased on account, $803,700 Materials requisitioned, $675,110, of which $87,760 was for general factory use Factory labor used, $827,810, of which $157,280 was indirect Other costs incurred on account for factory overhead, $192,890; selling expenses, $297,370; and administrative expenses, $176,810 Prepaid expenses expired for factory overhead, $36,970; for selling expenses, $31,340;...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: Materials purchased on account, $619,830 Materials requisitioned, $520,660, of which $67,690 was for general factory use Factory labor used, $638,420, of which $121,300 was indirect Other costs incurred on account for factory overhead, $148,760; selling expenses, $229,340; and administrative expenses, $136,360 Prepaid expenses expired for factory overhead, $28,510; for selling expenses, $24,170;...
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: Materials purchased on account, $612,650. Materials requisitioned, $514,630, of which $66,900 was for general factory use. Factory labor used, $631,030, of which $119,900 was indirect. Other costs incurred on account for factory overhead, $147,040; selling expenses, $226,680; and administrative expenses, $134,780. Prepaid expenses expired for factory overhead were $28,180; for selling expenses,...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $538,270 b. Materials requisitioned, $452,150, of which $58,780 was for general factory use c. Factory labor used, $554,420, of which $105,340 was indirect d. Other costs incurred on account for factory overhead, $129,180; selling expenses, $199,160; and administrative expenses, $118,420 e. Prepaid expenses expired for factory overhead,...
Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: July 1 2 Materials purchased on account, $644,380. Materials requisitioned, $670,250, of which $71,770 was for general factory use. 31 Factory labor used, $637,900, of which $88,640 was indirect. 31 Other costs incurred on account for factory overhead, $142,060; selling expenses, $238,560; and administrative expenses, $151,300. 31 Prepaid expenses expired for factory overhead were $29,450; for selling expenses, $27,540; and for...