Question
Entries for Costs in aJob Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to
Entries for Costs in aJob 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, $754,360.
- Materials requisitioned, $633,660, of which $82,380 was for general factory use.
- Factory labor used, $776,990, of which $147,630 was indirect.
- Other costs incurred on account for factory overhead, $181,050; selling expenses, $279,110; and administrative expenses, $165,960.
- Prepaid expenses expired for factory overhead were $34,700; for selling expenses, $29,420; and for administrative expenses, $21,120.
- Depreciation of factory equipment was $34,700; of office equipment, $51,300; and of office building, $101,080.
- Factory overhead costs applied to jobs, $429,990.
- Jobs completed, $995,760.
- Cost of goods sold, $965,580.
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, $754,360.
EntryDescription
Debit
Credita.
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fill in the blank 3
fill in the blank 5
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b.Materials requisitioned, $633,660, of which $82,380 was for general factory use.
EntryDescription
Debit
Creditb.
fill in the blank 8
fill in the blank 9
fill in the blank 11
fill in the blank 12
fill in the blank 14
fill in the blank 15
c.Factory labor used, $776,990, of which $147,630 was indirect.
EntryDescription
Debit
Creditc.
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fill in the blank 18
fill in the blank 20
fill in the blank 21
fill in the blank 23
fill in the blank 24
d.Other costs incurred on account for factory overhead, $181,050; selling expenses, $279,110; and administrative expenses, $165,960.
EntryDescription
Debit
Creditd.
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fill in the blank 27
fill in the blank 29
fill in the blank 30
fill in the blank 32
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e.Prepaid expenses expired for factory overhead were $34,700; for selling expenses, $29,420; and for administrative expenses, $21,120.
EntryDescription
Debit
Credite.
fill in the blank 38
fill in the blank 39
fill in the blank 41
fill in the blank 42
fill in the blank 44
fill in the blank 45
fill in the blank 47
fill in the blank 48
f.Depreciation of factory equipment was $34,700; of office equipment, $51,300; and of office building, $101,080.
EntryDescription
Debit
Creditf.
fill in the blank 50
fill in the blank 51
fill in the blank 53
fill in the blank 54
fill in the blank 56
fill in the blank 57
fill in the blank 59
fill in the blank 60
g.Factory overhead costs applied to jobs, $429,990.
EntryDescription
Debit
Creditg.
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fill in the blank 63
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h.Jobs completed, $995,760.
EntryDescription
Debit
Credith.
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fill in the blank 69
fill in the blank 71
fill in the blank 72
i.Cost of goods sold, $965,580.
EntryDescription
Debit
Crediti.
fill in the blank 74
fill in the blank 75
fill in the blank 77
fill in the blank 78
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