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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, $761,660. b. Materials requisitioned, $639,790, of which $83,170 was for general factory use. c. Factory labor used, $784,510, of which $149,060 was indirect. d. Other costs incurred on account for factory overhead, $182,800; selling expenses, $281.810; and administrative expenses, $167,570. e. Prepaid expenses expired for factory overhead were $35,040; for selling expenses, $29,700; and for administrative expenses, $21,330. f. Depreciation of factory equipment was $35,040; of office equipment, $51,790; and of office building, $102,060. g. Factory overhead costs applied to jobs, $434,150. h. Jobs completed, $1,005,390. 1. Cost of goods sold, $974,920. 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, $761,660 Entry Description Materials Accounts Payable bebit Credit 761,660 761,660 b. Materials requisitioned, $639,790, of which $83,170 was for general factory use. Entry Description Debit b. Work in Process Credit Factory Overhead $149,00u Debit Credit C. Factory labor used, $784,510, of whic Entry Description Work in Process Factory Overhead Wages Payable c. d. Other costs incurred on account for factory overhead, $182,800; selling expenses, $281,810; and administrative Entry Description Debit Credit d. Factory Overhead Selling Expenses Accounting numeric field Administrative Expenses Accounts Payable e. Prepaid expenses expired for factory overhead were $35.040; for selling expenses $29.700 and for administrative e. Prepaid expenses expl Debit Credit Entry Description Factory Overhead Selling Expenses Administrative Expenses Prepaid Expenses f. Depreciation of factory equipment was $35,040; of office equipment, $51,790; and of office building, $102,060. Entry Description Debit Credit f. Factory Overhead Depreciation Expense-Office Equipment Depreciation Expense-Office Building Accumulated Depreciation-Buildings and Equipment Debit Credit g. Factory overhead costs applied to jobs, $434,150. Entry Description Work in Process Factory Overhead 9 h. Jobs completed, $1,005,390. Factory overhead costs applied to jobs, $434,150. Description Work in Process try Debit Credit Factory Overhead Jobs completed, $1,005,390. try Description Debit Credit Finished Goods Work in Process Accounting numeric field Cost of goods sold, $974,920. antry Description Debit Credit Cost of Goods Sold Finished Goods
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