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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
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, $701,130 . Materials requisitioned, $588,950, of which $76,560 was for general factory use . Factory labor used, $722,160, of which $137,210 was indirect Other costs incurred on account for factory overhead, $168,270; selling expenses, $259,420; and administrative expenses, $154,250 Prepaid expenses expired for factory overhead, $32,250; for selling expenses, $27,340; and for administrative expenses, $19,630 . Depreciation of office building was $93,950; of ofce equipment, $47,680; and of factory equipment, $32,250 . Factory overhead costs applied to jobs, $399,640 . Jobs completed, $925,490 . Cost of goods sold, $897,450 _.:ru:_.,g:_r.1ncrm 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, $701,130. b. Materials requisitioned, $588,950, of which $76,560 was for general factory use. b. Materials requisitioned, $588,950, of which $76,560 was for general factory use. Entry Description Debit Credit b. c. Factory labor used, $722,160, of which $137,210 was indirect. Entry Description Debit Credit C. d. Other costs incurred on account for factory overhead, $168,270; selling expenses, $259,420; and administrative expenses, $154,250. Entry Description Debit Credit d.d. Other costs incurred on account for factory overhead, $168,270; selling expenses, $259,420; and administrative expenses, $154,250. Entry Description Debit Credit d. e. Prepaid expenses expired for factory overhead, $32,250; for selling expenses, $27,340; and for administrative expenses, $19,630. Entry Description Debit Credit e. f. Depreciation of office building was $93,950; of office equipment, $47,680; and of factory equipment, $32,250. Entry Description Debit Credit f.f. Depreciation of office building was $93,950; of office equipment, $47,680; and of factory equipment, $32,250. Entry Description Debit Credit f. g. Factory overhead costs applied to jobs, $399,640. Entry Description Debit Credit g. h. Jobs completed, $925,490. Entry Description Debit Credit h .9. Factory overhead costs applied to jobs, $399,640. h. Jobs completed, $925,490. [2:] i. Cost of goods sold, $897,450
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