Question
Managerial Accounting Assignment: 19-2 Homework Problem 19-1A Entries for Costs in a Job Order Cost System Churchill Co. uses a job order cost system. The
Managerial Accounting
Assignment: 19-2 Homework
Problem 19-1A
Entries for Costs in a Job Order Cost System
Churchill Co. uses a job order cost system. The following data summarize the operations related to production for November:
Materials purchased on account, $528,000.
Materials requisitioned, $462,000, of which $58,800 was for general factory use.
Factory labor used, $545,200, of which $76,400 was indirect.
Other costs incurred on account for factory overhead, $123,400; selling expenses, $195,500; and administrative expenses, $121,800.
Prepaid expenses expired for factory overhead were $24,360; for selling expenses, $20,600; and for administrative expenses, $14,900.
Depreciation of office building was $70,500; of office equipment, $36,120; and of factory equipment, $24,360.
Factory overhead costs applied to jobs, $300,400.
Jobs completed, $840,000.
Cost of goods sold, $740,000.
Required:
Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
a. Materials purchased on account, $528,000.
Entry | Description | Debit | Credit | |||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
a. Materials Accounts Payable
b. Materials requisitioned, $462,000, of which $58,800 was for general factory use.
Factory Overhead Materials
c. Factory labor used, $545,200, of which $76,400 was indirect.
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