Answered step by step
Verified Expert Solution
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
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, $702,420, b. Materials requisitioned, $590,030, of which $76,700 was for general factory use. c. Factory labor used, $723,490, of which $137,460 was indirect. d. Other costs incurred on account for factory overhead, $168,580; selling expenses, $259,900; and administrative expenses, $154,530, e. Prepaid expenses expired for factory overhead were $32,310; for selling expenses, $27,390; and for administrative expenses, $19,670. f. Depreciation of factory equipment was $32,310; of office equipment, $47,760; and of office building, $94,120. g. Factory overhead costs applied to jobs, $400,380. h. Jobs completed, $927,190. i. Cost of goods sold, $899,100. 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, $702,420. Entry a. Description Debit Credit b. Materials requisitioned, $590,030, of which $76,700 was for general factory use. Entry Description Debit Credit c. Factory labor used, $723,490, of which $137,460 was indirect, Entry c. Description Debit Credit d. Other costs incurred on account for factory overhead, $168,580; selling expenses, $259,900; and administrative expenses, $154,530. Credit Entry Description Debit d. e. Prepaid expenses expired for factory overhead were $32,310; for selling expenses, $27,390; and for administrative expenses, $19,670. Entry e. Description Debit Credit Previous e. Prepaid expenses expired for factory overhead were $32,310; for selling expenses, $27,390; and for administrative expenses, $19.670. Entry Description Debit Credit f. Depreciation of factory equipment was $32,310; of office equipment, $47,760; and of office building, $94,120. Entry f Description g. Factory overhead costs applied to jobs, $400,380 Entry Description Debit Credit Debit Credit . Factory overhead costs applied to jobs, $400,380. Entry g. h. Jobs completed, $927,190. Entry h. 1. Cost of goods sold, $899,100. Entry Description Debit Credit Description Debit Credit Description Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started