M N P O R S T U V w X Y Z AA AB AC AD AE OWNER'S EQUITY COST OF GOODS SOLD SALES 1 Smith Printing purchased $170,000 of raw materials on account. 2 Materials used: Job 420=$33,240; Job 421-43,920; Job 422=$37,100; Job 423: $40,270. Indirect Materials used=54,470. (Total direct materials used=5154,530.) 3 Factory wages: Job 420=$18,000; Job 421=526,000; Job 422=515,000; Job 423=$25,000. Indirect Labor=$3,300. (Total direct labor = $84,000.) Credit Wages Payable. 4 Factory supervision salaries and factory security salaries were $39,500. Credit Salaries Payable 5 Depreciation on the factory and machinery was $14,550. 6 Factory overhead is applied at the rate of 72% of direct labor cost. PAYABLE B E F G H 1 ALT-MFG-POSTINGS 2 Record entries in the accounts: ASSETS LIAB 3 Record costs in the job cost sheACCOUNTS RECEIVABLE ACCOUNTS PAYABLE 4 Trial Balance is automated. 5 6 7 RAW MATERIALS INV WAGES PAYABLE 8 9 10 11 FACTORY OVERHEAD WORK IN PROCESS INV SALARIES PAYABLE 12 Actual Applied DM 13 IM DL 14 IL FO 15 supv/sec UTILITIES PAYABLE 16 depr 17 FINISHED GOODS INV 18 19 DR Bal=underapplied JOB 420** 20 CR Bal=overapplied DM 21 ACCUM. DEPRECIATION DL 22 FO 2 23 TOTAL 24 25 DEBIT CREDIT JOB 421* 26 ACCOUNTS RECEIVABLE DM 27 RAW MATERIALS INV DL 28 WORK IN PROCESS INV FO 29 FINISHED GOODS INV TOTAL 0 2. 30 ACCU ACCUM. DEPRECIATION ECTORY 31 FACTORY OVERHEAD JOB 422 32 DM 2 33 WAGES PAYABLE DL 22 34 SALARIES PAYABLE FO E 35 UTILITIES PAYABLE TOTAL 0 36 SALES 37 COST OF GOODS SOLD JOB 423* 38 0 0 DM 39 DL 40 FO 41 TOTAL 0 7 Fill in the job cost sheets. 8 Jobs 420, Job 421 and Job 423 were completed and moved to Finished Goods. 9 Job 420 was sold to a customer for $100,000 on account. WHEN YOU ARE DONE, CHANGE THE PAGE STATUS IN CELL T1 TO DONE