Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materiais purchased on account, 5678,300

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materiais purchased on account, 5678,300 b. Materials requisitioned, $569,770, of which $74,070 was for general factory use c. Factory labor used, $698,650, of which $132,740 was indirect d. Other costs incurred on account for factory overhead, $162,790; selling expenses, $250,970; and administrative expenses, $149,230 e. Prepaid expenses expired for factory overhead, $31,200; for selling expenses, $26,450; and for administrative expenses, $18,990 f. Depreciation of office building was $90,890; of office equipment, $46,120; and of factory equipment, $31,200 9. Factory overhead costs applied to jobs, $386,630 h. Jobs completed, $895,360 1. Cost of goods sold, $868,220 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. a. Materials purchased on account, $678,300. b. Materials requisitioned, $569,770, of which $74,070 was for general factory use. b. Materials requisitioned, $569,770, of which $74,070 was for 7eneral factory use. c. Factory labor used, $698,650, of which $132.740 d. Other costs incurred on account for factoru nuarhas to D; selling expenses, $250,970; and administrative expenses, $149,230. e. Prepaid expenses expired for factory overhead, $31,200; for selling expenses, $26,450; and for administrative expenses, $18,990. 1. Depreciation of office building was 590,890; of office equipment, $46,120; and of factory equipment, $31,200. f. Depreciation of office building was $90,890; of office equipment, $46,120; and of factory equipment, $31,200. 9. Factory overhead costs applied to jobs, $386,630. h. Jobs completed, $895,360. g. Factory overhead costs applied to jobs, $386,630. h. Jobs completed, $895,360. i. Cost of goods sold, $868,220

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Management Audit How To Create An Effective Management Team

Authors: Michael Craig-Cooper, Philippe De Backer

1st Edition

0273600044, 978-0273600046

More Books

Students also viewed these Accounting questions

Question

Does it use a maximum of two typefaces or fonts?

Answered: 1 week ago