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In: Accounting
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
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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, $820,330.
- Materials requisitioned, $689,080, of which $89,580 was for general factory use.
- Factory labor used, $844,940, of which $160,540 was indirect.
- Other costs incurred on account for factory overhead, $196,880; selling expenses, $303,520; and administrative expenses, $180,470.
- Prepaid expenses expired for factory overhead were $37,740; for selling expenses, $31,990; and for administrative expenses, $22,970.
- Depreciation of factory equipment was $37,740; of office equipment, $55,780; and of office building, $109,920.
- Factory overhead costs applied to jobs, $467,590.
- Jobs completed, $1,082,840.
- Cost of goods sold, $1,050,020.
Required:
Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.
a. Materials purchased on account, $820,330.
Entry Description Debit Credit a. b. Materials requisitioned, $689,080, of which $89,580 was for general factory use.
Entry Description Debit Credit b. c. Factory labor used, $844,940, of which $160,540 was indirect.
Entry Description Debit Credit c. d. Other costs incurred on account for factory overhead, $196,880; selling expenses, $303,520; and administrative expenses, $180,470.
Entry Description Debit Credit d. e. Prepaid expenses expired for factory overhead were $37,740; for selling expenses, $31,990; and for administrative expenses, $22,970.
Entry Description Debit Credit e. f. Depreciation of factory equipment was $37,740; of office equipment, $55,780; and of office building, $109,920.
Entry Description Debit Credit f. g. Factory overhead costs applied to jobs, $467,590.
Entry Description Debit Credit g. h. Jobs completed, $1,082,840.
Entry Description Debit Credit h. i. Cost of goods sold, $1,050,020.
Entry Description Debit Credit i.
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ekkarill92 answered 1 year agoRelated Solutions
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, $591,670.
Materials requisitioned, $497,000, of which $64,610 was for
general factory use.
Factory labor used, $609,420, of which $115,790 was
indirect.
Other costs incurred on account for factory overhead, $142,000;
selling expenses, $218,920; and administrative expenses,
$130,170.
Prepaid expenses expired for factory overhead were $27,220; for
selling...
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, $738,430. Materials requisitioned, $620,280, of which
$80,640 was for general factory use. Factory labor used, $760,580,
of which $144,510 was indirect. Other costs incurred on account for
factory overhead, $177,220; selling expenses, $273,220; and
administrative expenses, $162,450. Prepaid expenses expired for
factory overhead were $33,970; for selling...
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, $492,950.
Materials requisitioned, $414,080, of which $53,830 was for
general factory use.
Factory labor used, $507,740, of which $96,470 was indirect.
Other costs incurred on account for factory overhead, $118,310;
selling expenses, $182,390; and administrative expenses,
$108,450.
Prepaid expenses expired for factory overhead were $22,680; for
selling...
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, $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,...
Entries for Costs in a Job Order Cost System Velasco Co. uses a job order cost...
Entries for Costs in a Job Order Cost System
Velasco Co. uses a job order cost system. The following data
summarize the operations related to production for July:
Materials purchased on account, $695,900
Materials requisitioned, $584,560, of which $75,990 was for
general factory use
Factory labor used, $716,780, of which $136,190 was
indirect
Other costs incurred on account for factory overhead, $167,020;
selling expenses, $257,480; and administrative expenses,
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Prepaid expenses expired for factory overhead, $32,010; for
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Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost...
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, $732,780
Materials requisitioned, $615,540, of which $80,020 was for
general factory use
Factory labor used, $754,760, of which $143,400 was
indirect
Other costs incurred on account for factory overhead, $175,870;
selling expenses, $271,130; and administrative expenses,
$161,210
Prepaid expenses expired for factory overhead, $33,710; for
selling expenses, $28,580;...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost...
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, $496,630
Materials requisitioned, $417,170, of which $54,230 was for
general factory use
Factory labor used, $511,530, of which $97,190 was
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Other costs incurred on account for factory overhead, $119,190;
selling expenses, $183,750; and administrative expenses,
$109,260
Prepaid expenses expired for factory overhead, $22,840; for
selling expenses, $19,370;...
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:
Materials purchased on account, $654,750.
Materials requisitioned, $549,990, of which $71,500 was for
general factory use.
Factory labor used, $674,390, of which $128,130 was
indirect.
Other costs incurred on account for factory overhead, $157,140;
selling expenses, $242,260; and administrative expenses,
$144,050.
Prepaid expenses expired for factory overhead were $30,120; for
selling expenses, $25,540; and for administrative expenses,
$18,330.
Depreciation of...
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:
Mar.
1
Materials purchased on account, $770,000.
2
Materials requisitioned, $680,000, of which $75,800 was for
general factory use.
31
Factory labor used, $756,000, of which $182,000 was
indirect.
31
Other costs incurred on account for factory overhead, $245,000;
selling expenses, $171,500; and administrative expenses,
$110,600.
31
Prepaid expenses expired for factory overhead were $24,500; for
selling expenses, $28,420; and...
Prepare entries in a job order cost system and job cost sheets. Lott Company uses a...
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direct labor $12,000, and
manufacturing overhead $16,000.
As of January 1, Job 49 had been completed at a cost of...
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