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 July 1 2 31 31 Materials

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 July 1 2 31 31 Materials purchased on account: $630,520 Materials requisitioned, 5669,000, of which $76,690 was for general factory use. Factory labor used, S644,620, of which 591,400 was indirect, Other costs incurred on account for factory overhead, $147,440, selling expenses. $238,240, and administrative expenses, $150,800 Prepaid expenses expired for factory overhead were $30,340 for selling expenses, $25,550 and for administrative expenses, 518,210. Depreciation of office building was $85, 350, of office equipment, $45 280, and of factory equipment $32,530 Factory overhead costs applied to lobs $374.600, 31 31 31 July 1 31 Materials purchased on account, 5630,520. 2 Materials requisitioned, 5669,000, of which $76,690 was for general factory use. 31 Factory labor used, 5644 620, of which $91,400 was indirect. 31 Other costs incurred on account for factory overhead, S147,440, selling expenses, 5238,240, and administrative expenses, S150,800 Prepaid expenses expired for factory overhead were $30,340, for selling expenses, 525,550, and for administrative expenses, 518,210 31 Depreciation of office building was $85,350, of office equipment, 545,280, and of factory equipment, $32,530 31 Factory overhead costs applied to jobs, $374,600. 31 Jobs completed, 5996,810 31 Cost of goods sold, 5892,790 Required: Journalize the entries to record the summarized operations. Refer to the Chart of Accounts for exact wording of account sites

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

Valuation For Accountants A Short Course Based On IFRS

Authors: Stephen Lynn

1st Edition

9811503567, 9789811503566

More Books

Students also viewed these Accounting questions

Question

What factors in Nooyis Five C model facilitate employee trust?

Answered: 1 week ago