Entries for Costs in a Job Order Cost SystemMunson Co. uses a job order cost system. The following data summarize the operationsrelated to production for July:a. Materials purchased on account, $606,310b. Materials requisitioned, $509,300, of which $66,210 was for general factory usec. Factory labor used, $624,500, of which $118,660 was indirectd. Other costs incurred on account for factory overhead, $145,510; selling expenses,$224,330; and administrative expenses, $133,390Prepaid expenses expired for factory overhead, $27,890; for selling expenses,$23,650; and for administrative expenses, $16,980f. Depreciation of office building was $81,250; of office equipment, $41,230; and offactory equipment, $27,890g. Factory overhead costs applied to jobs, $345,600h. Jobs completed, $800,330i. Cost of goods sold, $776,080Required:Journalize the entries to record the summarized operations. For a compound transaction,if an amount box does not require an entry, leave it blank.a. Materials purchased on account, $606,310.EntryDescriptionDebitCredita.b. Materials requisitioned, $509,300, of which $66,210 was for general factory use.EntryDescriptionDebitCreditc. Factory labor used, $624,500, of which $118,660 was indirect.EntryDescriptionDebitCreditd. Other costs incurred on account for factory overhead, $145,510; selling expenses,$224,330; and administrative expenses, $133,390.EntryDescriptionDebitCredit e. Prepaid expenses expired for factory overhead, $27,890; for selling expenses,$23,650; and for administrative expenses, $16,980.EntryDescriptionDebitCreditf. Depreciation of office building was $81,250; of office equipment, $41,230; and offactory equipment, $27,890.EntryDescriptionDebitCreditf.g. Factory overhead costs applied to jobs, $345,600.EntryDescriptionDebitCreditg.h. Jobs completed, $800,330.EntryDescriptionDebitCredith.i. Cost of goods sold, $776,080.EntryDescriptionDebitCredit

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Description: Entries for Costs in a Job Order Cost SystemMunson Co. uses a job order cost system. The following data summarize the operationsrelated to production for July:a. Materials purchased on account, $606,310b. Materials requisitioned, $509,300, of which

A journal entry is generally used to record the business transaction in the accounting records of an…

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Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $606,310 b. Materials requisitioned, $509,300, of which $66,210 was for general factory use c. Factory labor used, $624,500, of which $118,660 was indirect d. Other costs incurred on account for factory overhead, $145,510; selling expenses, $224,330; and administrative expenses, $133,390 Prepaid expenses expired for factory overhead, $27,890; for selling expenses, $23,650; and for administrative expenses, $16,980 f. Depreciation of office building was $81,250; of office equipment, $41,230; and of factory equipment, $27,890 g. Factory overhead costs applied to jobs, $345,600 h. Jobs completed, $800,330 i. Cost of goods sold, $776,080 Required: Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.

Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $606,310 b. Materials requisitioned, $509,300, of which $66,210 was for general factory use c. Factory labor used, $624,500, of which $118,660 was indirect d. Other costs incurred on account for factory overhead, $145,510; selling expenses, $224,330; and administrative expenses, $133,390 Prepaid expenses expired for factory overhead, $27,890; for selling expenses, $23,650; and for administrative expenses, $16,980 f. Depreciation of office building was $81,250; of office equipment, $41,230; and of factory equipment, $27,890 g. Factory overhead costs applied to jobs, $345,600 h. Jobs completed, $800,330 i. Cost of goods sold, $776,080 Required: Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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