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 incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600.
Prepaid expenses expired for factory overhead, $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660.
Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900.
Factory overhead costs applied to jobs, $568,500.
Jobs completed, $1,500,000.
Cost of goods sold, $1,375,000.
1 | Raw material inventory | 770000 | |
Accounts payable | 770000 | ||
2 | Work in progress | 604200 | |
Manufacturig overhead | 75800 | ||
Raw material inventory | 680000 | ||
3 | Work in progress | 574000 | |
Manufacturig overhead | 182000 | ||
Wages payable | 756000 | ||
4 | Manufacturing overheads | 245000 | |
Selling expense | 171500 | ||
Administrative expense | 110600 | ||
Cash | 527100 | ||
5 | Manufacturing overheads | 24500 | |
Selling expense | 28420 | ||
Administrative expense | 16660 | ||
Prepaid expense | 69580 | ||
6 | Manufacturing overheads | 49500 | |
Depreciation expense office equipment | 61800 | ||
Depreciation expense office buidling | 14900 | ||
Accumulated depreciation | 126200 | ||
7 | Work in progress | 568500 | |
Manufacturing overheads | 568500 | ||
8 | Finished goods | 1500000 | |
Work in progress | 1500000 | ||
9 | Cost of goods sold | 1375000 | |
Finished goods | 1375000 | ||
Entries for Costs in a Job Order Cost System Journalize the entries to record the summarized...
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 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...
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...
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 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,...
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,...
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...
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;...