Jobs completed: 101, 102, 103, and 105.Jobs were shipped and customers were billed as follows: Job 101, $6,870; Job 102, $10,000; Job 105, $16,250. EntriesDescriptionDebitCreditа.Materials2,270Accounts Payable v2,270b.Work in Process130,110 XFactory Overhead vMaterialsWages Payable vC.Factory Overhead vAccounts Payabled.Factory Overhead vAccumulated Depreciation-Machinery and Equipment1,550е.Work in ProcessFactory Overhead vf.Finished GoodsWork in Process a. Materials purchased on account, $2,270.b. Materials requisitioned and factory labor used:Job No.MaterialsFactory Labor101$2,270$2,1801022,7702,9401031,8401,4401046,2205,4101053,9504,1201062,8802,620For general factory use7703,230c. Factory overhead costs incurred on account, $4,340.d. Depreciation of machinery and equipment, $1,550.e. The factory overhead rate is $75 per machine hour. Machine hours used:Job No.Machine Hours101171023510331104731051710628Total201

Name: Jobs completed: 101, 102, 103, and 105.Jobs were shipped and customers
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Description: Jobs completed: 101, 102, 103, and 105.Jobs were shipped and customers were billed as follows: Job 101, $6,870; Job 102, $10,000; Job 105, $16,250. EntriesDescriptionDebitCreditа.Materials2,270Accounts Payable v2,270b.Work in Process130,110 XFactory

A journal entry is used to record the monetary transactions in a business. It is based on the…

Business

Accounting

a. Materials purchased on account, $2,270. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,270 $2,180 102 2,770 2,940 103 1,840 1,440 104 6,220 5,410 105 3,950 4,120 106 2,880 2,620 For general factory use 770 3,230 c. Factory overhead costs incurred on account, $4,340. d. Depreciation of machinery and equipment, $1,550. e. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 17 102 35 103 31 104 73 105 17 106 28 Total 201

a. Materials purchased on account, $2,270. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,270 $2,180 102 2,770 2,940 103 1,840 1,440 104 6,220 5,410 105 3,950 4,120 106 2,880 2,620 For general factory use 770 3,230 c. Factory overhead costs incurred on account, $4,340. d. Depreciation of machinery and equipment, $1,550. e. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 17 102 35 103 31 104 73 105 17 106 28 Total 201

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 13MC: In a job order cost system, overhead applied is debited to which account? A. work in process...

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