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

image text in transcribedimage 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, $846,180. b. Materials requisitioned, $710,790, of which $92,400 was for general factory use. c. Factory labor used, $871,570, of which $165,600 was indirect. d. Other costs incurred on account for factory overhead, $203,080; selling expenses, $313,090; and administrative expenses, $186,160. e. Prepaid expenses expired for factory overhead were $38,920; for selling expenses, $33,000; and for administrative expenses, $23,690. f. Depreciation of factory equipment was $38,920; of office equipment, $57,540; and of office building, $113,390. g. Factory overhead costs applied to jobs, $482,320. h. Jobs completed, $1,116,960. i. Cost of goods sold, $1,083,110. 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, $846,180. Entry a. Description Debit Credit b. Materials requisitioned, $710,790, of which $92,400 was for general factory use. Entry b. Description Debit c. Factory labor used, $871,570, of which $165,600 was indirect. Entry Description Credit Debit Credit d. Other costs incurred on account for factory overhead, $203,080; selling expenses, $313,090; and administrative expenses, $186,160. Entry Description Debit Credit d.

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

Accounting Tools for business decision making

Authors: kimmel, weygandt, kieso

4th Edition

978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461

More Books

Students also viewed these Accounting questions