Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: July 1 Materials purchased on account,
Munson Co. uses a job order cost system. The following data summarize the operations related to production for July:
July | 1 | Materials purchased on account, $603,850 |
2 | Materials requisitioned, $641,100, of which $75,300 was for general factory use | |
31 | Factory labor used, $688,540, of which $90,730 was indirect | |
31 | Other costs incurred on account for factory overhead, $154,470; selling expenses, $234,760; and administrative expenses, $145,220 | |
31 | Prepaid expenses expired for factory overhead, $30,340; for selling expenses, $27,590; and for administrative expenses, $18,760 | |
31 | Depreciation of office building was $86,990; of office equipment, $41,730; and of factory equipment, $32,800 | |
31 | Factory overhead costs applied to jobs, $363,550 | |
31 | Jobs completed, $1,017,780 | |
31 | Cost of goods sold, $868,240 |
Journalize the entries to record the summarized operations. Refer to the Chart of Accounts for exact wording of account titles.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started