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Prepare journal entries to record quarks transactions for the month of January. Quark Spy Equipment manufactures espionage equipment. Quark uses a job-order costing system and
Prepare journal entries to record quarks transactions for the month of January.
Quark Spy Equipment manufactures espionage equipment. Quark uses a job-order costing system and applies overhead to jobs on the basis of direct labor-hours. For the current year, Quark estimated that it would work 52,000 direct labor-hours and incur $12,792,000 of manufacturing overhead cost. The following summarized information relates to January of the current year. The raw materials purchased include both direct and indirect materials. Raw materials purchased on account $ 903,000 Direct materials requisitioned into production 831,400 Indirect materials requisitioned into production 63,100 Direct labor cost (5,000 hours$34 per hour) 170,000 Indirect labor cost (5,600 hours @$21 per hour) 117600 $ 137,300 $ 642,000 S 57,700 S 1,808,400 S 1,725,900 $ 2,589,200 Depreciation on the factory building Depreciation on the factory equipment Utilities for the factory Cost of jobs finished Cost of jobs sold Sales (all on account) Required Prepare journal entries to record Quark's transactions for the month of January. Do not close out the manufacturing overhead account. (Omit $ sign in your response.) General Journal Debit Credit a. Raw materials 903000 Accounts payable 23 SC 8 Step by Step Solution
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