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
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, $500,450 Materials requisitioned, $420,380, of which $54,650 was for general factory use Factory labor used, $515,460, of which $97,940 was indirect Other costs incurred on account for factory overhead, $120,110; selling expenses $185,170; and administrative expenses, $110,100 . Prepaid expenses expired for factory overhead, $23,020; for selling expenses, 3 $19,520; and for administrative expenses, $14,010 f. Depreciation of office building was $67,060; of office equipment, $34,030; and of factory equipment, $23,020 9. Factory overhead costs applied to jobs, $285,260 h. Jobs completed, $660,590 i. Cost of goods sold, $640,580 CLOUD} Required: Journalize the entries to record the summarized operations. For a compound transactior if an amount box does not require an entry, leave it blank. a. Materials purchased on account, $500,450. b. Materials requisitioned, $420,380, of which $54,650 was for general factory use. c. Factory labor used, $515,460, of which $97,940 was indirect. d. Other costs incurred on account for factory overhead, $120,110; selling expenses, $185,170; and administrative expenses, $110,100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

0130674842, 978-0130674845

Students also viewed these Accounting questions

Question

What is the likelihood function for a logistic regression model?

Answered: 1 week ago