Question

In: Accounting

Royal Technology Company uses a job order cost system. The following data summarize the operations related...

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, $654,750.
  2. Materials requisitioned, $549,990, of which $71,500 was for general factory use.
  3. Factory labor used, $674,390, of which $128,130 was indirect.
  4. Other costs incurred on account for factory overhead, $157,140; selling expenses, $242,260; and administrative expenses, $144,050.
  5. Prepaid expenses expired for factory overhead were $30,120; for selling expenses, $25,540; and for administrative expenses, $18,330.
  6. Depreciation of factory equipment was $30,120; of office equipment, $44,520; and of office building, $87,740.
  7. Factory overhead costs applied to jobs, $373,210.
  8. Jobs completed, $864,270.
  9. Cost of goods sold, $838,080.

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, $654,750.

Entry Description Debit Credit
a. fill in the blank 2 fill in the blank 3
fill in the blank 5 fill in the blank 6

b. Materials requisitioned, $549,990, of which $71,500 was for general factory use.

Entry Description Debit Credit
b. fill in the blank 8 fill in the blank 9
fill in the blank 11 fill in the blank 12
fill in the blank 14 fill in the blank 15

c. Factory labor used, $674,390, of which $128,130 was indirect.

Entry Description Debit Credit
c. fill in the blank 17 fill in the blank 18
fill in the blank 20 fill in the blank 21
fill in the blank 23 fill in the blank 24

d. Other costs incurred on account for factory overhead, $157,140; selling expenses, $242,260; and administrative expenses, $144,050.

Entry Description Debit Credit
d. fill in the blank 26 fill in the blank 27
fill in the blank 29 fill in the blank 30
fill in the blank 32 fill in the blank 33
fill in the blank 35 fill in the blank 36

e. Prepaid expenses expired for factory overhead were $30,120; for selling expenses, $25,540; and for administrative expenses, $18,330.

Entry Description Debit Credit
e. fill in the blank 38 fill in the blank 39
fill in the blank 41 fill in the blank 42
fill in the blank 44 fill in the blank 45
fill in the blank 47 fill in the blank 48

f. Depreciation of factory equipment was $30,120; of office equipment, $44,520; and of office building, $87,740.

Entry Description Debit Credit
f. fill in the blank 50 fill in the blank 51
fill in the blank 53 fill in the blank 54
fill in the blank 56 fill in the blank 57
fill in the blank 59 fill in the blank 60

g. Factory overhead costs applied to jobs, $373,210.

Entry Description Debit Credit
g. fill in the blank 62 fill in the blank 63
fill in the blank 65 fill in the blank 66

h. Jobs completed, $864,270.

Entry Description Debit Credit
h. fill in the blank 68 fill in the blank 69
fill in the blank 71 fill in the blank 72

i. Cost of goods sold, $838,080.

Entry Description Debit Credit
i. fill in the blank 74 fill in the blank 75
fill in the blank 77 fill in the blank 78

Solutions

Expert Solution

Particulars

Debit

Credit

a

Materials

654,750

    Accounts payable

654,750

b

Work in Process

478,490

Factory overhead

71,500

   Materials

549,990

c

Work in Process

546,260

Factory overhead

128,130

   Wages payable

674,390

d

Factory overhead

157,140

Selling Expenses

242,260

Administrative Expenses

144,050

   Accounts payable

543,450

e

Factory overhead

30,120

Selling Expenses

25,540

Administrative Expenses

18,330

   Prepaid expenses

73,990

f

Factory overhead

30,120

Depreciation expense-Office equipment

44,520

Depreciation expense-Office building

87,740

   Accumulated depreciation- Building and Equipment

162,380

g

Work in Process

373,210

   Factory overhead

373,210

h

Finished goods

864,270

   Work in Process

864,270

i

Cost of goods sold

838,080

   Finished goods

838,080

I HOPE IT USEFUL TO YOU IF YOU HAVE ANY DOUBT PLZ COMMENT GIVE ME UP-THUMB. THANKS..


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