Question
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, $630,520 2 Materials requisitioned, $669,000, of which $76,690 was for general factory use 31 Factory labor used, $644,620, of which $91,400 was indirect 31 Other costs incurred on account for factory overhead, $147,440; selling expenses, $238,240; and administrative expenses, $150,800 31 Prepaid expenses expired for factory overhead, $30,340; for selling expenses, $25,550; and for administrative expenses, $18,210 31 Depreciation of office building was $85,350; of office equipment, $45,280; and of factory equipment, $32,530 31 Factory overhead costs applied to jobs, $374,600 31 Jobs completed, $996,810 31 Cost of goods sold, $892,790 Journalize the entries to record the summarized operations. Refer to the Chart of Accounts for exact wording of account titles.
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