Job Order Costing

Memorial Graphs uses a job-order cost system. The following data summarize the operations related to production in September. Assume 0 starting balances.

1. Materials purchased for cash: $500,000
2. Materials requisitioned and factory labor used:

Job	Materials	Factory Labor
501	$32,100	$28,000
502	33,000	36,500
503	37,050	18,700
504	66,500	42,000
For General Factory Use	9,600	37,000

1. Factory overhead costs incurred on account $20,000
2. Depreciation of machinery and equipment $24,000
3. The predetermined factory overhead rate is $25 per machine hour. Machine hours used are listed below:
   1. 501: 215
   2. 502: 230
   3. 503: 165
   4. 504: 270
4. Jobs completed are 501, 502, 503.
5. Jobs were shipped and customers were billed as follows:

• 501: $400,000
• 502: $410,000

REQUIRED: Using theLesson 3 Exercise TemplateXLS Excel document, journalize the required entries to record the above summarized operations.

Name: _____________________________________ Date: _______________ GENERAL JOURNAL Date Account Titles and Description PR Dr. Cr