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:

1. Materials purchased on account, $656,260.
2. Materials requisitioned, $551,260, of which $71,660 was for general factory use.
3. Factory labor used, $675,950, of which $128,430 was indirect.
4. Other costs incurred on account for factory overhead, $157,500; selling expenses, $242,820; and administrative expenses, $144,380.
5. Prepaid expenses expired for factory overhead were $30,190; for selling expenses, $25,590; and for administrative expenses, $18,380.
6. Depreciation of factory equipment was $30,190; of office equipment, $44,630; and of office building, $87,940.
7. Factory overhead costs applied to jobs, $374,070.
8. Jobs completed, $866,260.
9. Cost of goods sold, $840,010.

Required:

Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.

a. Materials purchased on account, $656,260.

EntryDescriptionDebitCredita.Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Processfill in the blank 2Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Processfill in the blank 4

b. Materials requisitioned, $551,260, of which $71,660 was for general factory use.

EntryDescriptionDebitCreditb.Accounts PayableCashCost of Goods SoldFinished GoodsMaterialsWork in Processfill in the blank 6fill in the blank 7Administrative ExpensesCashFactory OverheadFinished GoodsMaterialsSelling Expensesfill in the blank 9fill in the blank 10Finished GoodsCashCost of Goods SoldFactory OverheadMaterialsWork in Processfill in the blank 12fill in the blank 13

c. Factory labor used, $675,950, of which $128,430 was indirect.

EntryDescriptionDebitCreditc.Accounts PayableCashFinished GoodsMaterialsWages PayableWork in Processfill in the blank 15fill in the blank 16Accounts PayableCashCost of Goods SoldFinished GoodsFactory OverheadWages Payablefill in the blank 18fill in the blank 19Accounts PayableCashCost of Goods SoldFactory OverheadWages PayableWork in Processfill in the blank 21fill in the blank 22

d. Other costs incurred on account for factory overhead, $157,500; selling expenses, $242,820; and administrative expenses, $144,380.

EntryDescriptionDebitCreditd.Accounts PayableAccounts ReceivableCashFactory OverheadMaterialsPrepaid Expensesfill in the blank 24fill in the blank 25Accounts PayableCashCost of Goods SoldFinished GoodsSelling ExpensesWork in Processfill in the blank 27fill in the blank 28Accounts PayableAdministrative ExpensesCashFinished GoodsMaterialsWork in Processfill in the blank 30fill in the blank 31Administrative ExpensesAccounts PayableAccounts ReceivableCashFactory OverheadSelling Expensesfill in the blank 33fill in the blank 34

e. Prepaid expenses expired for factory overhead were $30,190; for selling expenses, $25,590; and for administrative expenses, $18,380.

EntryDescriptionDebitCredite.Accounts ReceivableCashFactory OverheadFinished GoodsPrepaid ExpensesWork in Processfill in the blank 36fill in the blank 37CashCost of Goods SoldFinished GoodsMaterialsPrepaid ExpensesSelling Expensesfill in the blank 39fill in the blank 40Accounts PayableAdministrative ExpensesCashFinished GoodsPrepaid ExpensesWork in Processfill in the blank 42fill in the blank 43Accounts ReceivableAdministrative ExpensesCashFactory OverheadPrepaid ExpensesSelling Expensesfill in the blank 45fill in the blank 46

f. Depreciation of factory equipment was $30,190; of office equipment, $44,630; and of office building, $87,940.

EntryDescriptionDebitCreditf.Accumulated Depreciation-Buildings and EquipmentCashCost of Goods SoldFactory OverheadFinished GoodsWork in Processfill in the blank 48fill in the blank 49Accumulated Depreciation-Buildings and EquipmentCashFinished GoodsDepreciation Expense-Office EquipmentFinished GoodsMaterialsfill in the blank 51fill in the blank 52Accounts PayableAccumulated Depreciation-Buildings and EquipmentCashDepreciation Expense-Office BuildingFinished GoodsWork in Processfill in the blank 54fill in the blank 55Accumulated Depreciation-Buildings and EquipmentCashDepreciation Expense-Office EquipmentDepreciation Expense-Office BuildingFactory OverheadFinished Goodsfill in the blank 57fill in the blank 58

g. Factory overhead costs applied to jobs, $374,070.

EntryDescriptionDebitCreditg.Accounts ReceivableCashFactory OverheadFinished GoodsMaterialsWork in Processfill in the blank 60Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Processfill in the blank 62

h. Jobs completed, $866,260.

EntryDescriptionDebitCredith.Accounts PayableCashCost of Goods SoldFinished GoodsMaterialsWork in Processfill in the blank 64Accounts ReceivableAccounts PayableCashFactory OverheadFinished GoodsWork in Processfill in the blank 66

i. Cost of goods sold, $840,010.

EntryDescriptionDebitCrediti.Accounts ReceivableCashCost of Goods SoldFinished GoodsFactory OverheadWork in Processfill in the blank 68Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsMaterialsfill in the blank 70