Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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, $557,610. b. Materials requisitioned, $468,390, of which $60,890 was for general factory use. c. Factory labor used, $574,340, of which $109,120 was indirect. d. Other costs incurred on account for factory overhead, $133,830; selling expenses, $206,320; and administrative expenses, $122,670. e. Prepaid expenses expired for factory overhead were $25,650; for selling expenses, $21,750; and for administrative expenses, $15,610. f. Depreciation of factory equipment was $25,650; of office equipment, $37,920; and of office building, $74,720. g. Factory overhead costs applied to jobs, $317,840. h. Jobs completed, $736,050. 1. Cost of goods sold, $713,740. 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, $557,610. Entry a. Description Debit Credit b. Materials requisitioned, $468,390, of which $60,890 was for general factory use, Entry b. Check My Work Description Debit Credit a. Materials purchased on account, $557,610. Entry a. Description Debit Credit b. Materials requisitioned, $468,390, of which $60,890 was for general factory use. Entry b. Description Debit c. Factory labor used. $574,340, of which $109,120 was indirect. Entry Description Credit Debit Credit d. Other costs incurred on account for factory overhead. $133,830; selling expenses, $205.320; and administrative expenses, $122,670. Entry Check My Work Description Debit Credit d. Other costs incurred on account for factory overhead, $133,830; selling expenses, $206,320; and administrative expenses, $122,670. Entry d. Description Debit Credit e. Prepaid expenses expired for factory overhead were $25,650; for selling expenses, $21,750; and for administrative expenses, $15,610.1 Entry Description Debit Credit f. Depreciation of factory equipment was $25,650; of office equipment, $37,920; and of office building, $74,720. Entry Check My Work Description Debit Credit f. Depreciation of factory equipment was $25,650; of office equipment, $37,920; and of office building, $74,720. Entry f. Description Debit Credit g. Factory overhead costs applied to jobs, $317,840. Entry O Description h. Jobs completed, $736,050. Entry h. 1000 Debit Credit: Description. Debit Credit 1. Cost of goods sold, $713.740. Check My Work g. Factory overhead costs applied to jobs, $317,840. Entry Description 9. h. Jobs completed, $736,050. Entry h. 1000 Debit Credit Description Debit Credit 1. Cost of goods sold, $713,740, Entry L Description Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started