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Entries for Costs in Job Order Costing Royal Technology Company uses job order costing. The following data summarize the operations related to production for
Entries for Costs in Job Order Costing Royal Technology Company uses job order costing. The following data summarize the operations related to production for March: a. Materials purchased on account, $838,980. b. Materials requisitioned, $704,740, of which $91,620 was for general factory use. c. Factory labor used, $864,150, of which $164,190 was indirect. d. Other costs incurred on account for factory overhead, $201,360; selling expenses, $310,420; and administrative expenses, $184,580. e. Prepaid expenses expired for factory overhead were $38,590; for selling expenses, $32,720; and for administrative expenses, $23,490. f. Depreciation of factory equipment was $38,590; of office equipment, $57,050; and of office building, $112,420. g. Factory overhead costs applied to jobs, $478,220. h. Jobs completed, $1,107,450. i. Cost of goods sold, $1,073,890. 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, $838,980. Entry a. Description Debit Credit b. Materials requisitioned, $704,740, of which $91,620 was for general factory use. Entry b. Description Debit c. Factory labor used, $864,150, of which $164,190 was indirect. Entry C. Description Credit Debit Credit d. Other costs incurred on account for factory overhead, $201,360; selling expenses, $310,420; and administrative expenses, $184,580. Entry Description Debit Credit d. e. Prepaid expenses expired for factory overhead were $38,590; for selling expenses, $32,720; and for administrative expenses, $23,490. e. Entry Description Debit Credit f. Depreciation of factory equipment was $38,590; of office equipment, $57,050; and of office building, $112,420. Entry Description Debit Credit g. Factory overhead costs applied to jobs, $478,220. Entry g. Description Debit Credit g. Factory overhead costs applied to jobs, $478,220. Entry g. h. Jobs completed, $1,107,450. Entry h. Description Debit Credit Description Debit Credit i. Cost of goods sold, $1,073,890. Entry i. Description Debit Credit
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