Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October 1 Materials purchased on account, $603,850. 2 Materials requisitioned, $641,100, of which $75,300 was for general factory use. 31 Factory labor used, $688,540, of which $90,730 was indirect. 31 Other costs incurred on account for factory overhead, $154,470; selling expenses, $234,760; and administrative expenses, $145,220. 31 Prepaid expenses expired for factory overhead were $30,340; for selling expenses, $27,590; and for administrative expenses, $18,760. 31 Depreciation of office building was $86,990; of office equipment, $41,730; and of factory equipment, $32,800. 31 Factory overhead costs applied to jobs, $363,550. 31 Jobs completed, $1,017,780. 31 Cost of goods sold, $868,240. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October 1 Materials purchased on account, $603,850. 2 Materials requisitioned, $641,100, of which $75,300 was for general factory use. 31 Factory labor used, $688,540, of which $90,730 was indirect. 31 Other costs incurred on account for factory overhead, $154,470; selling expenses, $234,760; and administrative expenses, $145,220. 31 Prepaid expenses expired for factory overhead were $30,340; for selling expenses, $27,590; and for administrative expenses, $18,760. 31 Depreciation of office building was $86,990; of office equipment, $41,730; and of factory equipment, $32,800. 31 Factory overhead costs applied to jobs, $363,550. 31 Jobs completed, $1,017,780. 31 Cost of goods sold, $868,240. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Barnes Company uses a job order cost system. The following data summarize the operations related to production for October:

October	1	Materials purchased on account, $603,850.
	2	Materials requisitioned, $641,100, of which $75,300 was for general factory use.
	31	Factory labor used, $688,540, of which $90,730 was indirect.
	31	Other costs incurred on account for factory overhead, $154,470; selling expenses, $234,760; and administrative expenses, $145,220.
	31	Prepaid expenses expired for factory overhead were $30,340; for selling expenses, $27,590; and for administrative expenses, $18,760.
	31	Depreciation of office building was $86,990; of office equipment, $41,730; and of factory equipment, $32,800.
	31	Factory overhead costs applied to jobs, $363,550.
	31	Jobs completed, $1,017,780.
	31	Cost of goods sold, $868,240.

JOURNAL

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