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Royal Technology Company uses job order costing. The following data summarize the operations related to production for March: a. Materials purchased on account, $744,050.
Royal Technology Company uses job order costing. The following data summarize the operations related to production for March: a. Materials purchased on account, $744,050. b. Materials requisitioned, $625,000, of which $81,250 was for general factory use. c. Factory labor used, $766,370, of which $145,610 was indirect. d. Other costs incurred on account for factory overhead, $178,570; selling expenses, $275,300; and administrative expenses, $163,690. e. Prepaid expenses expired for factory overhead were $34,230; for selling expenses, $29,020; and for administrative expenses, $20,830. f. Depreciation of factory equipment was $34,230; of office equipment, $50,600; and of office building, $99,700. g. Factory overhead costs applied to jobs, $424,110. h. Jobs completed, $982,150. 1. Cost of goods sold, $952,380. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $744,050. Entry a. Description Credit Debit b. Materials requisitioned, $625,000, of which $81,250 was for general factory use. Entry b. Description Debit Credit Factory labor used, $766,370, of which $145,610 was indirect. Entry Description Debit Credit d. Other costs incurred on account for factory overhead, $178,570; selling expenses, $275,300; and administrative expense Entry Description Debit Credit d. e. Prepaid expenses expired for factory overhead were $34,230; for selling expenses, $29,020; and for administrative expens Entry Description Debit Credit f. Depreciation of factory equipment was $34,230; of office equipment, $50,600; and of office building, $99,700. Entry f. Description g. Factory overhead costs applied to jobs, $424,110. Entry 9. h. Jobs completed, $982,150. Entry h. Description 1. Cost of goods sold, $952,380. Entry Debit Credit Debit Credit Description Debit Credit Description Debit Credit
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