Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
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: a. Materials purchased on account, $770,000. b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. c. Factory labor used, $756,000, of which $182,000 was indirect. d. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600. e. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660. f. Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900. 9. Factory overhead costs applied to jobs, $568,500. h. Jobs completed, $1,500,000. 1. Cost of goods sold, $1,375,000. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank: a. Materials purchased on account, $770,000. b. Materials requisitioned, 5680,000 , of which $75,800 was for general factory use. c. Factory labor used, $756,000, of which $182,000 was indirect. 9. Factory overhead costs applied to jobs, $568,500. h. Jobs completed, $1,500,000. 1. Cost of goods sold, $1,375,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

The Auditor An Instructional Novella

Authors: James K. Loebbecke

1st Edition

0130799769, 978-0130799760

More Books

Students also viewed these Accounting questions

Question

2. Define communication.

Answered: 1 week ago