Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 20-08 Blossom Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1. Materials
Exercise 20-08 Blossom Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1. Materials purchased on account $196,600, and factory wages incurred $94,100. 2. Materials requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 A21 A22 A23 General factory use $37,140 44,720 36,500 41,870 4,770 $165,000 $19,700 22,900 16,900 27,000 7,600 $94,100 3. Manufacturing overhead costs incurred on account $51,500. 4. Depreciation on factory equipment $16,150. 5. Depreciation on the company's office building was $14,800. 6. Manufacturing overhead rate is 80% of direct labor cost. 7. Jobs completed during the quarter: A20, A21, and A23. Prepare a schedule showing the individual cost elements and total cost for each job in item 7. Direct Materials Direct Labor Manufacturing Overhead Job Total A20 $ A23 Prepare entries to record the operations summarized above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (To record materials purchases) (To record factory wages) (To record materials put into production) (To record labor put into production)
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