Answered step by step
Verified Expert Solution
Question
1 Approved Answer
XYZ company uses a job order cost system. The following data summarize the operations related to production in July. Assume $0 starting balances. 1. Materials
XYZ company uses a job order cost system. The following data summarize the operations related to production in July. Assume $0 starting balances. 1. Materials purchased for cash, $700,000 2. Materials requisitioned and factory labor used: Materials Factory Labor 601 $35.100 $25,000 602 $35,000 $39,500 Job a 603 $35,050 $62,500 $15,700 $40,000 604 For General Factory Use $7,600 $35.000 3. Factory overhead costs incurred on account $30,000 4. Depreciation of machinery and equipment $20,000 5. The predetermined factory overhead rate is $27.00 per machine hour. Machine hours used are: Job 601: 230 MH 602: 250 MH 603: 185 MH 604: 280 MH 6. Jobs completed are 601, 602, 603 7. Jobs were shipped and customers were billed as follows: 601: $500,000 602: $480,000 REQUIRED: Joumalize the required entries to record the above summarized operations
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started