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Will upvote if the answer is complete and correct. Thank you Entries for Costs in a Job Order Cost System Munson Co. uses a job
Will upvote if the answer is complete and correct. Thank you
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $592,790 b. Materials requisitioned, $497,940, of which $64,730 was for general factory use c. Factory labor used, $610,570, of which $116,010 was indirect d. Other costs incurred on account for factory overhead, $142,270; selling expenses, $219,330; and administrative expenses, $130,410 e. Prepaid expenses expired for factory overhead, $27,270; for selling expenses, $23,120; and for administrative expenses, $16,600 f. Depreciation of office building was $79,430; of office equipment, $40,310; and of factory equipment, $27,270 g. Factory overhead costs applied to jobs, $337,890 h. Jobs completed, $782,480 i. Cost of goods sold, $758,770 Required: Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blan a. Materials purchased on account, $592,790. b. Materials requisitioned, $497,940, of which $64,730 was for general factory use. c. Factory labor used, $610,570, of which $116,010 was indirect. f. Depreciation of office building was $79,430; of office equipment, $40,310; and of factory equipment, $27,270. g. Factory overhead costs applied to jobs, $337,890. h. Jobs completed, $782,480. i. Cost of goods sold, $758,770Step by Step Solution
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