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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, $799,590 b. Materials requisitioned, $671,660, of which $87,320 was for general factory use C. Factory labor used, $823,580, of which $156,480 was indirect d. Other costs incurred on account for factory overhead, $191,900; selling expenses, $295,850; and administrative expenses, $175,910 e. Prepaid expenses expired for factory overhead, $36,780; for selling expenses, $31,180; and for administrative expenses, $22,390 f. Depreciation of office building was $107,150; of office equipment, $54,370; and of factory equipment, $36,780 g. Factory overhead costs applied to jobs, $455,770 h. Jobs completed, $1,055,460 i. Cost of goods sold, $1,023,480 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, $799,590. Entry Description Debit Credit a. b. Materials requisitioned, $671,660, of which $87,320 was for general factory use. Entry Description Debit Credit C. Factory labor used, $823,580, of which $156,480 was indirect. Entry Description Debit Credit d. Other costs incurred on account for factory overhead, $191,900; selling expenses, $295,850; and administrative expenses, $175,910. Entry Description Debit Credit d. e. Prepaid expenses expired for factory overhead, $36,780; for selling expenses, $31,180; and for administrative expenses, $22,390. Entry Description Debit Credit e. f. Depreciation of office building was $107,150; of office equipment, $54,370; and of factory equipment, $36,780. Entry Description Debit Credit f. g. Factory overhead costs applied to jobs, $455,770. Entry Description Debit Credit g. h. Jobs completed, $1,055,460. Entry Description Debit Credit h. i. Cost of goods sold, $1,023,480. Entry Description Debit Credit
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