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
image text in transcribed
image text in transcribed
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: a. Materials purchased on account, $764,570 b. Materials requisitioned, $642,240, of which $83,490 was for general factory use c. Factory labor used, $787,510, of which $149,630 was indirect d. Other costs incurred on account for factory overhead, $183,500; selling expenses, $282,890; and administrative expenses, $168,210 e. Prepaid expenses expired for factory overhead, $35,170; for selling expenses, $29.820; and for administrative expenses, $21,410 t. Depreciation of office bullding was $102,450; of office equipment, $51,990; and of factory equipment, $35,170 g. Factory overhead costs applied to jobs, $435,800 h. Jobs completed, $1,009,230 i. Cost of goods sold, $978,650 Required: Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blar a. Materials purchased on account, $764,570. b. Materials requisitioned, $642,240, of which $83,490 was for general factory use. b. Materials requisitioned, $642,240, of which $83,490 was for general factory use. c. Factory labor used, $787,510, of which $149,630 was indirect. e. Prepaid expenses expired for factory overhead, $35,170; for selling expenses, $29,820; and for administrative expenses, $21,410. f. Depreciation of office building was $102,450; of office equipment, $51,990; and of factory equipment, $35,170. 9. Factory overhead costs applied to jobs, $435,800. g. Factory overhead costs applied to jobs, $435,800. h. Jobs completed, $1,009,230. i. Cost of goods sold, $978,650

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

Students also viewed these Accounting questions