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Journalize the following transactions for a job order costing system. Spartan Inc. uses a job order cost system. The following data summarize the operations related
Journalize the following transactions for a job order costing system.
Spartan Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations:
- Materials purchased on account, $5,000.
- Materials requisitioned and factory labor used:
Job | Materials | Factory Labor | ||
301 | $2,500 | $3,500 | ||
302 | 2,500 | 4,500 | ||
303 | 2,000 | 2,000 | ||
304 | 5,500 | 8,500 | ||
305 | 3,500 | 6,000 | ||
306 | 2,500 | 4,000 | ||
For general factory use | 500 | 5,000 |
- Factory overhead costs incurred on account, $4,000.
- Depreciation of machinery and equipment, $3,000.
- The factory overhead rate is $50 per machine hour. Machine hours used:
Job | Machine Hours | ||
301 | 30 | ||
302 | 20 | ||
303 | 25 | ||
304 | 80 | ||
305 | 25 | ||
306 | 20 | ||
Total | 200 |
- Jobs completed: 302, 304, and 305.
- Jobs were shipped and customers were billed as follows: Job 302, $14,000; and Job 304, $27,000.
General Journal Page ______
Date | Description | Post Ref | Debit | Credit | |
Jan | Raw materials Inventory | 5,000 | |||
Accounts Payable | 5,000 | ||||
Work in process inventory | |||||
Factory overhead | |||||
Raw materials inventory | |||||
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