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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, $781,210 b. Materials requisitioned, $656,220, of which $85,310 was for general factory use C. Factory labor used, $804,650, of which $152,880 was indirect d. Other costs incurred on account for factory overhead, $187,490; selling expenses, $289,050; and administrative expenses, $171,870 e. Prepaid expenses expired for factory overhead, $35,940; for selling expenses, $30,470; and for administrative expenses, $21,870 f. Depreciation of office building was $104,680; of office equipment, $53,120; and of factory equipment, $35,940 9. Factory overhead costs applied to jobs, $445,290 h. Jobs completed, $1,031,200 i. Cost of goods sold, 5999,950 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, $781,210. Entry Description Debit Materials Credit Accounts Payable b. Materials requisitioned, $655,220, of which $85,310 was for general factory use. Entry Description Debit Credit b. Work in Process Factory Overhead Materials c. Factory labor used, $804,650, of which $152,880 was indirect. Entry Description Debit Credit C. Work in Process Factory Overhead Wages Payable Credit d. d. Other costs incurred on account for factory overhead, $187,490; selling expenses, $289,050; and administrative expenses, $171,870. Entry Description Debit Factory Overhead Selling Expenses Administrative Expenses Accounts Payable e. Prepaid expenses expired for factory overhead, $35,940; for selling expenses, $30,470; and for administrative expenses, $21,870. Entry Description Credit Debit Factory Overhead Selling Expenses Administrative Expenses Prepaid Expenses f. Depreciation of office building was $104,680; of office equipment, $53,120; and of factory equipment, $35,940. Entry Description Debit Credit Depreciation Expense-Office Building Depreciation Expense-Office Equipment f. Factory Overhead Accumulated Depreciation-Buildings and Equipment g. Factory overhead costs applied to jobs, $445,290. Entry Description Debit Work in Process Credit g. Factory Overhead h. Jobs completed, $1,031,200. Entry Description Debit Credit h. Finished Goods Work in Process i. Cost of goods sold, $999,950. Entry Description Debit Credit Cost of Goods Sold Finished Goods
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