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Present entries to record the following summarized operations related to production for a company using a job order cost system: (a) Materials purchased on account
Present entries to record the following summarized operations related to production for a company using a job order cost system:
(a) | Materials purchased on account | $176,000 | |
(b) | Prepaid expenses incurred on account | 12,200 | |
(c) | Materials requisitioned: | ||
For production orders | 153,700 | ||
For general factory use | 2,700 | ||
(d) | Factory labor used: | ||
On production orders | 141,300 | ||
For general factory purposes | 12,000 | ||
(e) | Depreciation on factory equipment | 37,000 | |
(f) | Expiration of prepaid expenses, chargeable to factory | 6,100 | |
(g) | Factory overhead costs incurred on account | 76,000 | |
(h) | Factory overhead applied, based on machine hours | 105,300 | |
(i) | Jobs finished | 415,300 | |
(j) | Jobs shipped to customers: Cost | 412,000 | |
Selling price (assume all sold on account) | 638,000 |
If an amount box does not require an entry, leave it blank.
a. | Work in Process | ||
Accounts Payable | |||
b. | Prepaid Expenses | ||
Accounts Payable | |||
c. | Work in Process | ||
Materials | |||
Factory Overhead | |||
d. | Wages Payable | ||
Materials | |||
Factory Overhead | |||
e. | Accumulated Depreciation-Factory Equipment | ||
Factory Overhead | |||
f. | Factory Overhead | ||
Prepaid Expenses | |||
g. | Factory Overhead | ||
Accounts Payable | |||
h. | Work in Process | ||
Factory Overhead | |||
i. | Work in Process | ||
Finished Goods | |||
j. Cost | Cost of Goods Sold | ||
Finished Goods | |||
Sale | Sales | ||
Accounts Receivable |
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