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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
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, $798,370. b. Materials requisitioned, $670,630, of which $87,180 was for general factory use. c. Factory labor used, $822,320, of which $156,240 was indirect. d. Other costs incurred on account for factory overhead, $191,610; selling expenses, $295,400; and administrative expenses, $175,640. e. Prepaid expenses expired for factory overhead were $36,730; for selling expenses, $31,140; and for administrative expenses, $22,350. f. Depreciation of factory equipment was $36,730; of office equipment, $54,290; and of office building, $106,980. g. Factory overhead costs applied to jobs, $455,070. h. Jobs completed, $1,053,850. i. Cost of goods sold, $1,021,910. 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, $798,370. Entry a. Description Debit Credit b. Materials requisitioned, $670,630, of which $87,180 was for general factory use. Entry b. Description Debit c. Factory labor used, $822,320, of which $156,240 was indirect. Entry Description Credit Debit Credit d. Other costs incurred on account for factory overhead, $191,610; selling expenses, $295,400; and administrative expenses, $175,640. Entry Credit Description Debit d. e. Prepaid expenses expired for factory overhead were $36,730; for selling expenses, $31,140; and for administrative expenses, $22,350. Entry Debit Description Credit ) e. f. Depreciation of factory equipment was $36,730; of office equipment, $54,290; and of office building, $106,980. Entry Description Debit Credit g. Factory overhead costs applied to jobs, $455,070. Entry Description g. Debit Credit g. Factory overhead costs applied to jobs, $455,070. Entry g. h. Jobs completed, $1,053,850. Entry h. Description Debit Credit Description Debit Credit i. Cost of goods sold, $1,021,910. Entry Description Debit Credit
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