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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: a. Materials purchased on account, $490,250 b. Materials requisitioned, $411,810, of which $53,540 was for general factory use c. Factory labor used, $504,960, of which $95,940 was indirect d. Other costs incurred on account for factory overhead, $117,660; selling expenses, $181,390; and administrative expenses, $107,860 e. Prepaid expenses expired for factory overhead, $22,550; for selling expenses, $19,120; and for administrative expenses, $13,730 f. Depreciation of office building was $65,690; of office equipment, $33,340; and of factory equipment, $22,550 g. Factory overhead costs applied to jobs, $279,440 h. Jobs completed, $647,130 i. Cost of goods sold, $627,520 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, $490,250. Entry Description Debit Credit b. Materials requisitioned, $411,810, of which $53,540 was for general factory use. Entry Description Debit Credit b. C. Factory labor used, $504,960, of which $95,940 was indirect. Entry Description Debit Credit C. d. Other costs incurred on account for factory overhead, $117,660; selling expenses, $181,390; and administrative expenses, $107,860. Entry Description Debit Credit e. Prepaid expenses expired for factory overhead, $22,550; for selling expenses, $19,120; and for administrative expenses, $13,730. Entry Description Debit Credit f. Depreciation of office building was $65,690; of office equipment, 40; and of factory ipment, $22 50. Entry Description Debit Credit f. g. Factory overhead costs applied to jobs, $279,440. Entry Description Debit Credit g
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