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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:
- Materials purchased on account, $505,930.
- Materials requisitioned, $424,980, of which $55,250 was for general factory use.
- Factory labor used, $521,110, of which $99,010 was indirect.
- Other costs incurred on account for factory overhead, $121,420; selling expenses, $187,190; and administrative expenses, $111,300.
- Prepaid expenses expired for factory overhead were $23,270; for selling expenses, $19,730; and for administrative expenses, $14,170.
- Depreciation of factory equipment was $23,270; of office equipment, $34,400; and of office building, $67,790.
- Factory overhead costs applied to jobs, $288,380.
- Jobs completed, $667,830.
- Cost of goods sold, $647,590.
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