EX1

Using the format of job order costing summaries of journal entries, prepare journal entries to record the following transactions and events for October using a job order costing system.

(a) Purchased raw materials on credit, $75,000.

(b) Raw materials requisitioned: $46,000 direct and $7,600 indirect.

(c) Factory payroll totaled $64,000, including $9,500 indirect labor.

(d) Paid other actual overhead costs totaling $17,400 cash.

(e) Applied overhead totaling 90% of direct labor cost.

(f) Finished and transferred jobs totaling $88,500.

(g) Jobs costing $78,800 were sold on credit for $122,000.