Entries for Costs in a Job Order Cost System

Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March:

1. Materials purchased on account, $642,940.
2. Materials requisitioned, $540,070, of which $70,210 was for general factory use.
3. Factory labor used, $662,230, of which $125,820 was indirect.
4. Other costs incurred on account for factory overhead, $154,310; selling expenses, $237,890; and administrative expenses, $141,450.
5. Prepaid expenses expired for factory overhead were $29,580; for selling expenses, $25,070; and for administrative expenses, $18,000.
6. Depreciation of factory equipment was $29,580; of office equipment, $43,720; and of office building, $86,150.
7. Factory overhead costs applied to jobs, $366,480.
8. Jobs completed, $848,680.
9. Cost of goods sold, $822,960.

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, $642,940.

Entry	Description	Debit	Credit
a.	Accounts Payable
	Factory Overhead

b. Materials requisitioned, $540,070, of which $70,210 was for general factory use.

Entry	Description	Debit	Credit
b.

c. Factory labor used, $662,230, of which $125,820 was indirect.

Entry	Description	Debit	Credit
c.

d. Other costs incurred on account for factory overhead, $154,310; selling expenses, $237,890; and administrative expenses, $141,450.

Entry	Description	Debit	Credit
d.

e. Prepaid expenses expired for factory overhead were $29,580; for selling expenses, $25,070; and for administrative expenses, $18,000.

Entry	Description	Debit	Credit
e.

f. Depreciation of factory equipment was $29,580; of office equipment, $43,720; and of office building, $86,150.

Entry	Description	Debit	Credit
f.

g. Factory overhead costs applied to jobs, $366,480.

Entry	Description	Debit	Credit
g.

h. Jobs completed, $848,680.

Entry	Description	Debit	Credit
h.

i. Cost of goods sold, $822,960.

Entry	Description	Debit	Credit
i.