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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 11 months 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, $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...
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,
$153,100
Prepaid expenses expired for factory overhead, $32,010; for
selling expenses, $27,140;...
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
indirect
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...
Prepare entries in a job order cost system and job cost
sheets.
Lott Company uses a job order cost system and applies overhead
to production on the basis of direct labor costs.
On January 1, 2020, Job 50 was the only job in process. The
costs incurred prior to January 1 on this job were as follows:
direct materials $20,000,
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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