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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, $848,420.
Royal Technology Company uses job order costing. The following data summarize the operations related to production for March: a. Materials purchased on account, $848,420. b. Materials requisitioned, $712,670, of which $92,650 was for general factory use. c. Factory labor used, $873,870, of which $166,040 was indirect. d. Other costs incurred on account for factory overhead, $203,620; selling expenses, $313,920; and administrative expenses, $186,650. e. Prepaid expenses expired for factory overhead were $39,030; for selling expenses, $33,090; and for administrative expenses, $23,760. f. Depreciation of factory equipment was $39,030; of office equipment, $57,690; and of office building, $113,690. g. Factory overhead costs applied to jobs, $483,600. h. Jobs completed, $1,119,910. i. Cost of goods sold, $1,085,980. 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, $848,420. Entry Description Materials a. Accounts Payable Debit Credit b. Materials requisitioned, $712,670, of which $92,650 was for general factory use.
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