$262,730; and administrative expenses, $156,220 e. Prepaid expenses expired for factory overhead, $32,660; for selling expenses, $27,690; and for administrative expenses, $19,880 f. Depreciation of office building was $95,150; of office equipment, $48,280; and of factory equipment, $32,660 g. Factory overhead costs applied to jobs, $404,740 h. Jobs completed, $937,290 I. Cost of goods sold, $908,890 Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials purchased on acco
$262,730; and administrative expenses, $156,220 e. Prepaid expenses expired for factory overhead, $32,660; for selling expenses, $27,690; and for administrative expenses, $19,880 f. Depreciation of office building was $95,150; of office equipment, $48,280; and of factory equipment, $32,660 g. Factory overhead costs applied to jobs, $404,740 h. Jobs completed, $937,290 I. Cost of goods sold, $908,890 Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials purchased on acco
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Entries for Costs in a Job Order Cost System
Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July:
a. Materials purchased on account, $710,070
b. Materials requisitioned, $596,460, of which $77,540 was for general factory use
c. Factory labor used, $731,370, of which $138,960 was indirect
d. Other costs incurred on account for factory overhead , $170,420; selling expenses, $262,730; and administrative expenses, $156,220
e. Prepaid expenses expired for factory overhead, $32,660; for selling expenses, $27,690; and for administrative expenses, $19,880
f. Depreciation of office building was $95,150; of office equipment, $48,280; and of factory equipment, $32,660
g. Factory overhead costs applied to jobs, $404,740
h. Jobs completed, $937,290
I. Cost of goods sold, $908,890
Required:
Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.
a. Materials purchased on account, $710,070.
b.
Materials requisitioned, $596,460, of which $77,540 was for general factory use.
C.
Factory labor used, $731,370, of which $138,960 was indirect.
D.
Other costs incurred on account for factory overhead, $170,420; selling expenses, $262,730; and administrative expenses, $156,220.
e. Prepaid expenses expired for factory overhead, $32,660; for selling expenses, $27,690; and for administrative expenses, $19,880.
f. Depreciation of office building was $95,150; of office equipment, $48,280; and of factory equipment, $32,660.
g. Factory overhead costs applied to jobs, $404,740.
h. Jobs completed, $937,290.
i. Cost of goods sold, $908,890.
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