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Hello, please help! Juan and a Million Jewelry Company uses a job order cost system. The following data summarize the operations related to production for
Hello, please help!
Juan and a Million Jewelry Company uses a job order cost system. The following data summarize the operations related to production for April. Provide the debits and credits using T-accounts for the below transactions.
a. Materials purchased on account, $60,000.
b. Materials requisitioned, $32,000, of which $9,000 was for general factory use.
c. Factory labor used, $40,000, of which $18,000 was indirect.
d. Other costs incurred on account for factory overhead, $12.500; selling expenses, $6,000; and administrative expenses, $194,570.
e. Prepaid expenses expired for factory overhead were $14,000; for selling expenses, $14,000; and for administrative expenses, $26,000.
f. Depreciation of factory equipment was $25,000; of office equipment, $19,000; and of office building, $18,000.
g. Factory overhead costs applied to jobs, $39,000.
h. Jobs completed $40,000.
i. Cost of goods sold, $35,000.
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