ExerciseJob Order CostingPROBLEM 1. Present entries to record the following summarized operations related to production for a company using a job order cost system:(a)Materials purchased on account$167,000(b)Prepaid expenses incurred on account12,200(c)Materials requisitioned:For production orders153,700For general factory use2,700(d)Factory labor used:On production orders141,300For general factory purposes12,000(e)Depreciation on factory equipment37,000(f)Expiration of prepaid expenses,chargeable to factory6,100(g)Factory overhead costs incurred on account67,000(h)Factory overhead applied, based on machine hours105,300(i)Jobs finished415,300(j)Jobs shipped to customers: cost, $412,000;selling price638,000OBJ: 19-02-05 NAT: AACSB Analytic | IMA-Cost Management 2. On January 2nd, Newsprint Manufacturing purchases 5 rolls of paper on account at $125.00 per roll for use within the production process. On January 5th 4 rolls of this paper are issued to Job 010507A in the Printing Department. The Printing Department records $675.00 in direct labor and $1,150.00 of factory overhead to Job 010507A. On January 8th Printing transfers Job 010507A to the Folding Department. The folding department applies $450.00 in direct labor and $655.00 in factory overhead to Job 010507A. Job 010507A is transferred to Finished Goods Inventory on January 9th.(a)Journalize the purchasing of the paper to Raw Materials Inventory.(b)Journalize the transfer of raw materials to work in process, the application of direct labor, and the application of manufacturing overhead to Job 010507A while in the Printing Department.(c)Journalize the transfer of Job 010507A to the Folding Department at actual cost.(d)Journalize the application of direct labor, and the application of manufacturing overhead to Job 010507A while in the Folding Department.(e)Journalize the transfer of Job 010507A to Finished Goods Inventory at actual cost.OBJ: 19-02-09 NAT: AACSB Analytic | IMA-Cost Management

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