3. Asters Co. uses a job order cost system. The following data summarizes the operations related to production forMarch. Journalize the entries to record the summarized operations.a. Materials purchased on account for $660,000b. Materials requisitioned, $577,500 of which $73,500 was for general factory usec. Factory labor used, $681,500, of which $95,000 was indirect labord. Other costs incurred on account were for factory, $154,320; selling expenses, $244,440; andadministrative expenses, $152,250e. Prepaid expenses expired for factory overhead were $30,450; for selling expenses, $25,830; and foradministrative expenses, $18,690f. Depreciation of office building was $88,200; of office equipment, $45,150; and of factory equipment,$30,450g. Factory overhead costs applied to jobs, $375,500h. Jobs completed, $871,800i. Cost of goods sold, $860,000. Selling price of $925,000.

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Description: 3. Asters Co. uses a job order cost system. The following data summarizes the operations related to production forMarch. Journalize the entries to record the summarized operations.a. Materials purchased on account for $660,000b. Materials requisitio

A Journal entry is a primary entry that records the financial transactions initially. The…

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Asters Co. uses a job order cost system. The March. Journalize the entries to record the su a. Materials purchased on account for $6 b. Materials requisitioned $577 500 of w

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jenniter Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. by drogging and dropping the oppropriate accounts: Transaction Debit Credit Purchosed raw materials for $20.000 on account $8.000 of airect materials were requisitioned by production Pala factory utilities of $2.100 Incurred $108.000 of assembly line labor wages Alocated manufacturing overhead to production based on o predeterminea overhead rate of $7 per airect labor hour woriced. Goods costing $18.000 were completed in the factory and were transferred to nished goods. Row materiais inventory Accounts payable Work in process inventory Raw materiais inventory Manufacturing overhead control Cosh Work in process inventory Wages payable Work in process inventory Activate Windows Manutacturing overhead alocated Finished goods inventory Work in process inventory Go to Settings to activate Window
Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount 100 $3,350 2,780 5,090 5,800 17,860 3,540 2,320 15,720 101 104 108 Indirect 111 115 117 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.
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XYZ Equipment In. receives order from Shiraz Consultant Clinic on 15th August. The company started its production on 18th of August and completed in 25th of August. The company collects its cost and revenue data by the job order cost accumulation procedure. For job number 505, the following data are available: Direct material Direct Labor FOH-Applied Date REQ. NO: Amount Rs. Date Hours Cost Rs. Rs. 30 for each direct labor hours 8/18 400 4000 8/18 30 600 ? 8/19 600 6000 8/19 40 800 8/25 1000 10000 8/21 35 700 Total 20000 8/23 50 1000 8/25 60 1200 Total 4300 Other Information: Total Sales are 30% above cost. Marketing and selling expenses Rs. 1000 Administrativeexpenses 1500. Required Enter the appropriate information on a job order cost sheet.
TB MC Qu. 15-121 (Algo) Oxford Company uses a job order... Oxford Company uses a job order costing system. In the last month, the system accumulated labor time tickets totaling $25,500 for direct labor and $5,200 for indirect labor. The journal entry to record indirect labor consists of a: Multiple Choice Debit Factory Overhead $5,200; credit Factory Wages Payable $5,200. Debit Factory Overhead $5,200; credit Work in Process Inventory $5,200. Debit Work in Process Inventory $5,200; credit Factory Wages Payable $5,200. Debit Work in Process Inventory $25,500; credit Factory Wages Payable $25,500. Debit Factory Wages Payable $5,200; credit Cash $5,200.
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a. Prepare the entry to record the factory labor costs for the month of January. b. Prepare the entry to assign factory labor to production. E15.2 (LO 1, 2, 3, 4), AP Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. intuom Materials Requisition Slips bo FU 1 Job Number 429 430 431 to General use To $2,500 3,500 4,400 $10,400 800 $11,200 10 $12,500 1,200 $13,700 25 gan 15100 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. 1200 how W $1,900 3,000 7,600 Labor Time Tickets S ACE2 out 2013 Instructions a. Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. b. Post…
XYZ Equipment In. receives order from Shiraz Consultant Clinic on 15th August. The company started its production on 18th of August and completed in 25th of August. The company collects its cost and revenue data by the job order cost accumulation procedure. For job number 505, the following data are available Direct material Direct Labor FOH-Applied Date REQ. NO: Amount Rs. Date Hours Cost Rs. Rs. 30 for each direct labor hours 8/18 400 4000 8/18 30 600 ? 8/19 600 6000 8/19 40 800 8/25 1000 10000 8/21 35 700 Total 20000 8/23 50 1000 8/25 60 1200 Total 4300
Sunland Company is working on two job orders. The job cost sheets show the following. Direct materials Direct labor Job 201 (a) $6,740 (b) 3,760 Job 202 Prepare the two summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) $8,460 No. Account Titles and Explanation (To assign labor to jobs) 7,520 (To assign materials to jobs) Debit Credit
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