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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
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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 $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: Selling price (assume all sold on account) 638,000 Cost of goods sold 412,000 If an amount box does not require an entry, leave it blank.
a. - Accounts Payable
- Cash
- Factory Overhead
- Materials
- Work in Process
- Accounts Payable
- Cash
- Factory Overhead
- Materials
- Work in Process
b. - Accounts Payable
- Cash
- Factory Overhead
- Prepaid Expenses
- Work in Process
- Accounts Payable
- Cash
- Factory Overhead
- Prepaid Expenses
- Work in Process
c. - Accounts Payable
- Cash
- Materials
- Prepaid Expenses
- Work in Process
- Accounts Payable
- Cash
- Factory Overhead
- Finished Goods
- Materials
- Accounts Payable
- Cash
- Factory Overhead
- Materials
- Work in Process
d. - Accounts Payable
- Cash
- Materials
- Wages Payable
- Work in Process
- Cash
- Cost of Goods Sold
- Factory Overhead
- Materials
- Wages Payable
- Accounts Payable
- Factory Overhead
- Materials
- Wages Payable
- Work in Process
e. - Accumulated Depreciation-Factory Equipment
- Cost of Goods Sold
- Depreciation Expense
- Factory Equipment
- Factory Overhead
- Accumulated Depreciation-Factory Equipment
- Cost of Goods Sold
- Depreciation Expense
- Factory Equipment
- Factory Overhead
f. - Accounts Payable
- Cash
- Factory Overhead
- Prepaid Expenses
- Work in Process
- Accounts Payable
- Cash
- Factory Overhead
- Prepaid Expenses
- Work in Process
g. - Accounts Payable
- Cash
- Factory Overhead
- Materials
- Work in Process
- Accounts Payable
- Cash
- Factory Overhead
- Materials
- Work in Process
h. - Accounts Payable
- Cash
- Factory Overhead
- Materials
- Work in Process
- Accounts Payable
- Cash
- Factory Overhead
- Materials
- Work in Process
i. - Cash
- Cost of Goods Sold
- Factory Overhead
- Finished Goods
- Work in Process
- Cash
- Cost of Goods Sold
- Factory Overhead
- Finished Goods
- Work in Process
j. Sale - Accounts Receivable
- Cash
- Finished Goods
- Sales
- Work in Process
- Accounts Receivable
- Cash
- Finished Goods
- Sales
- Work in Process
Cost - Cash
- Cost of Goods Sold
- Factory Overhead
- Finished Goods
- Work in Process
- Cash
- Cost of Goods Sold
- Factory Overhead
- Finished Goods
- Work in Process
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