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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 expenses, $28,800; and for administrative expenses, $20,680. Depreciation of factory equipment was $33,970; of office equipment, $50,210; and of office building, $98,950. Factory overhead costs applied to jobs, $420,910. Jobs completed, $974,730. Cost of goods sold, $945,190.

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Journal Entries:
S.no. Accounts title and explanations Debit $ Credit $
a. Raw material Inventory Dr. 738,430
       Accounts payable 738,430
b. Work in Process Inventory Dr. 539640
Manufacturing Overheads Dr. 80640
          Raw material Inventory 620,280
c. Work in Process Inventory Dr. 616,070
Manufacturing Overheads Dr. 144,510
          Wages payable 760,580
d. Manufacturing Overheads Dr. 177,220
Selling overheads Dr. 273,220
Administrative Overheads Dr. 162,450
         Accounts payable 612,890
e. Manufacturing Overheads Dr. 33,970
Selling overheads Dr. 28,800
Administrative Overheads Dr. 20,680
          Prepaid expense 83,450
f. Manufacturing Overheads Dr. 33970
       Accumulate depreciation-factory Equip 33970
       
g. Administrative Overheads Dr. 149160
       Accumulated depreciation-Equipment 50210
      Accumulated depreciation-Building 98950
h. Work in process inventory Dr. 420,910
        Manufacturing Overheads 420,910
i. Finished Goods inventory Dr. 974730
    Work in process inventory 974730
j. Cost of Goods sold Dr. 945190
     Finished Goods inventory 945190

ekkarill92 answered 1 year ago
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