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Journalize the entries for the following summarized operations related to production for a company using a job order cost system: a. Materials purchased on account
Journalize the entries for the following summarized operations related to production for a company using a job order cost system: a. Materials purchased on account $176,000 b. Materials requisitioned For production orders 153,700 For general factory use 2,700 C. Factory labor used: On production orders 141,300 12,000 For general factory purposes Depreciation on factory equipment d. 37,000 e. 6,100 Expiration of prepaid expenses, chargeable to factory Factory overhead costs incurred on account f. 76,000 g. Factory overhead applied, based on machine hours 105,300 h. Jobs finished 415,300 i. Jobs shipped to customers: Selling price (assume all sold on account) 638,000 Cost of goods sold 412,000
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