Required: journal entries

Question Completion Status: M Co. uses a job cost system at its Washington plant. The following data represents the activity for the month of August 2021. The opening WIP and finished goods inventory was 0. Opening materials inventory was $25,000. A summary of the time tickets and materials used for August follows: Description Job # 321 Materials $15,000 Factory Labour $11,000 9,200 Job # 329 Job # 336 Indirect Material $4,000 10,000 5,500 3.000 Indirect labour 6,000 a. Materials purchased on account $80,000 b. The materials and labour were used as indicated in the chart above. c. Factory overhead costs incurred on account were $45,000 d. Amortization of factory machinery and equipment were $38,000 e. The factory overhead rate applied is based on 70% of direct labour cost f. Job #321 and 329 were completed during the month g. Job #321 was shipped to the customer prior to August 31 and the customer was billed 578,000 h. The over/underapplied overhead was recorded to cost of goods sold. Renntired Save Click Save and Submit to save and subunit. Click Save All Ansters to save all ansur