Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. Materials purchased on account, $788,050 b. Materials requisitioned, $661,960, of which $86,050 was for general factory use c. Factory labor used, $811,690, of which
a. Materials purchased on account, $788,050 b. Materials requisitioned, $661,960, of which $86,050 was for general factory use c. Factory labor used, $811,690, of which $154,220 was indirect d. Other costs incurred on account for factory overhead, $189,130; selling expenses, $291,580; and administrative expenses, $173,370 e. Prepaid expenses expired for factory overhead, $36,250; for selling expenses, $30,730; and for administrative expenses, $22,070 f. Depreciation of office building was $105,600; of office equipment, $53,590; and of factory equipment, $36,250 g. Factory overhead costs applied to jobs, $449,190 h. Jobs completed, $1,040,230 i. Cost of goods sold, $1,008,700 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, $788,050. Entry Description Debit Credit a. b. Materials requisitioned, $661,960, of which $86,050 was for general factory use. Entry Description Debit Credit b. C. Factory labor used, $811,690, of which $154,220 was indirect. Entry Description Debit Credit C. d. Other costs incurred on account for factory overhead, $189,130; selling expenses, $291,580; and administrative expenses, $173,370. Entry Description Debit Credit d. e. Prepaid expenses expired for factory overhead, $36,250; for selling expenses, $30,730; and for administrative expenses, $22,070. Entry Description Debit Credit e. f. Depreciation of office building was $105,600; of office equipment, $53,590; and of factory equipment, $36,250. Entry Description Debit Credit f. g. Factory overhead costs applied to jobs, $449,190. Entry Description Debit Credit g. g. Factory overhead costs applied to jobs, $449,190. Entry Description Debit Credit g. h. Jobs completed, $1,040,230. Entry Description Debit Credit h. i. Cost of goods sold, $1,008,700. Entry Description Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started