Question
II. Present entries to record the following summarized operations related to production for a company using a job order cost system: a. Materials purchased on
II. 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 $166,500
b. Prepaid expenses incurred on account.. 7,500
c. Materials requisitioned:
For production orders. 156,500
For general factory use 8,800
d. Factory labor used:
on production orders. 140,000
for general factory purposes-janitorial indirect labor 10,000 e. Depreciation on factory equipment.. 36,000
f. Expiration of prepaid expenses, chargeable to FOH. 4,900
g. Factory overhead costs incurred on account. 51,600
h. Factory overhead applied, based on machine hours.. 98,560
i. Actual production jobs finished.. 404,000
j. Finished jobs shipped to customers: cost of goods sold, $346,000.
k. The sales on account for the year to the customers was $575,500
Prepare the Trial Balance from the above entries.
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