Question

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 for factory overhead were $22,740; for selling expenses, $19,280; and for administrative exenses, $13,840. f. Depreciation of factory equipment was $22,740, of office equipment, $33,610; and of office building, $66,230. g. Factory overhead costs applied to jobs, $281,740. h. Jobs completed, $652,450. i. Cost of goods sold, $632,680. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $494,280. Entry Description Debit Credit

Answer 1

Answer: Date Credit Debit 494,280 494,280 361,220 53,980 415,200 412,380 96,730 509,110 General Journal Materials Accounts Payable (Record Materials purchased) Work in Process ($415,200 - $53,980) Factory Overhead Materials (Record material requisitioned to jobs) Work in Process ($509,110 - $96,730) Factory Overhead Wages Payable (Record factory labor used in production) Factory Overhead Selling Expenses Administrative Expenses Accounts Payable (Record cost incurred on account) Factory Overhead Selling Expenses Administrative Expenses Prepaid Expenses (Record Prepaid Expenses expired) 118,630 182,880 108,740 410,250 22,740 19,280 13,840 55,860

22,740 33,610 66,230 122,580 281,740 281,740 Factory Overhead Depreciation Expense - Office Equipment Depreciation Expense - Office Building Accumulated Depreciation - Building & Equipment (Record Depreciation expense) Work in Process Factory Overhead (Record Overhead applied to jobs) Finished Goods Work in process (Record completion of jobs) Cost of Goods Sold Finished Goods (To record cost of goods sold) 652,450 652,450 632,680 632,680