Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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: a. Materials purchased on account, $847,730 b. Materials requisitioned, $712,090, of which $92,570 was for general factory use c. Factory labor used, $873,160, of which $165,900 was indirect d. Other costs incurred on account for factory overhead, $203,460; selling expenses, $313,660; and administrative expenses, $186,500 e. Prepaid expenses expired for factory overhead, $39,000; for selling expenses, 533,060; and for administrative expenses, $23,740 f. Depreciation of office building was $113,600; of office equipment, $57,650; and of factory equipment, $39,000 9. Factory overhead costs applied to jobs, $483,210 h. Jobs completed, $1,119,000 1. Cost of goods sold, $1,085,090 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. Required: Mournalize 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, $847,730. Entry Description Debit Credit b. Materials requisitioned, $712,090, of which $92,570 was for general factory use. Debit Credit Entry Description c. Factory labor used, $873,160, of which $165,900 was indirect. Entry Description Debit Credit c. Factory labor used, $873,160, of which $165,900 was indirect. Entry Description Debit Credit d. Other costs incurred on account for factory overhead, $203,460; selling expenses, $313,660; and administrative expenses, $196,500. Entry Description Debit Credit d. e. Prepaid expenses expired for factory overhead, $39,000; for selling expenses, $33,060; and for administrative expenses, $23,740. Entry Description Debit Credit f. Depreciation of office building was $113,600; of office equipment, $57,650; and of factory equipment, $39,000. Entry Description Debit Credit 9. Factory overhead costs applied to jobs, $483,210. Entry Description Debit Credit h. Jobs completed, $1,119,000. Entry Description Debit Credit h. Jobs completed, $1,119,000. Entry Description Debit Credit i. Cost of goods sold, $1,085,090. Entry Description Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

What is an interface? What keyword is used to define one?

Answered: 1 week ago