Question

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 administrative expenses, $18,720. Depreciation of office building was $84,480; of office equipment, $43,730; and of factory equipment, $32,270. 31 31 31 Factory overhead costs applied to jobs, $379,790. Jobs completed, $988,380. Cost of goods sold, $921,340.

Answer 1

Answer:

Date	GeneralJournal	Debit ($)	Credit ($)
1-Jul	Raw materials	$644380
	Accounts payable		$644380
2-Jul	Work in process	$598480
	Factory overhead	$71770
	Raw materials		$670250
31-Jul	Work in process	549260
	Factory overhead	88640
	Wages payable		637900
31-Jul	Factory overhead	$142060
	Selling expense	$238560
	Administrative expense	$151300
	Accounts payable		$531920
31-Jul	Factory overhead	$29450
	Selling expense	$27540
	Administrative expense	$18720
	Prepaid expense		$607630
31-Jul	Depreciation expense-office building	$84480
	Depreciation expense -office equipment	$43730
	factory overhead	$32270
	Accumulated deprecation		$160480
31-Jul	Work in process	$379790
	Factory overhead		$379790
31-Jul	Finished goods	$988380
	work in process		$988380
31-Jul	Cost of goods sold	$921340
	Finished goods		$921340