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, $497,100 b. Materials requisitioned, $417,560, of which $54,280 was for general factory use c. Factory labor used, $512,010, of which $97,280 was indirect d. Other costs incurred on account for factory overhead, $119,300; selling expenses, $183,930; and administrative expenses, $109,360 e. Prepaid expenses expired for factory overhead, $22,870; for selling expenses, $19,390; and for administrative expenses, $13,920 f. Depreciation of office building was $66,610; of office equipment, $33,800; and of factory equipment, $22,870 g. Factory overhead costs applied to jobs, $283,350 h. Jobs completed, $656,170 ..i. Cost of goods sold, $636,290 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. a. Materials purchased on account, $497,100. Entry Description Debit Credit

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, $497,100 b. Materials requisitioned, $417,560, of which $54,280 was for general factory use c. Factory labor used, $512,010, of which $97,280 was indirect d. Other costs incurred on account for factory overhead, $119,300; selling expenses, $183,930; and administrative expenses, $109,360 e. Prepaid expenses expired for factory overhead, $22,870; for selling expenses, $19,390; and for administrative expenses, $13,920 f. Depreciation of office building was $66,610; of office equipment, $33,800; and of factory equipment, $22,870 g. Factory overhead costs applied to jobs, $283,350 h. Jobs completed, $656,170 ..i. Cost of goods sold, $636,290 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. a. Materials purchased on account, $497,100. Entry Description Debit Credit

Name: Munson Co. uses a job order cost system. The following data summarize
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Description: Munson Co. uses a job order cost system. The following data summarize the operations related to production for July:Need help with questions A-I Entries for Costs in a Job Order Cost SystemMunson Co. uses a job order cost system. The following data s

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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For the year ended December 31, 2022, the job cost sheets of Carla Vista Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. 4. 5. 6. 7. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials. $29,500 35,400 12,980 50,740 68,440 Direct Labor $28,320 42,480 21,240 56,640 64,900 Manufacturing Overhead Total Costs 25,488 $91,804 $33,984 50,976 128,856 59,708 67.968 175,348 77,880 211.220 Raw materials inventory totaled $17,700 on January 1. During the year, $165,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $102,660 and Job No. 7639 for $108,560. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $625,400. Manufacturing overhead incurred on account totaled $141,600. Incurred depreciation on factory machinery $9,440. Assigned indirect materials of $16,520 and indirect labor…
Five selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system:
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answer with must explanation , computation , narrations for each steps and parts answer in text form
Subject :- Acounting
Journalize the entries
Journalize the entries for the following summarized operations related to production for a company using job order costing: a. Materials purchased on account b. Prepaid expenses incurred on account c. Materials requisitioned: For production orders For general factory use d. Factory labor used: On production orders For general factory purposes e. Depreciation on factory equipment f. Expiration of prepaid expenses, chargeable to factory g. Factory overhead costs incurred on account ) h. Factory overhead applied, based on machine hours i. Jobs finished j. Jobs shipped to customers: Cost Selling price (assume all sold on account) If an amount box does not require an entry, leave it blank. Show Transcribed Text a. C. f. b. d. 9. i. h. j. Show Transcribed Text Sale 3 00 00 00 00 00 000 000 00 00 - 00 00 00 00 00 Ć $176,000 12,200 153,700 2,700 141,300 12,000 37,000 6,100 76,000 105,300 415,300 412,000 638,000
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Built-Tite uses job order costing. The T-account below summarizes Factory overhead activity for the current year. Factory Overhead Debit Credit 17,500 111,800 26,500 61, 500 1. Compute total applied overhead cost. 2. Compute total actual overhead cost. 3. Compute the underapplied or overapplied overhead. 1. Total applied overhead cost 2. Total actual overhead cost 3.
True/false 1) Activity-based costing information is recorded on a job sheet each month which is later posted to the general ledger at the end of the year. ________ 2. A factory production manager’s salary is considered an organizational sustaining activity cost. ________ 3. First stage allocation is the process by which overhead costs are assigned to activity cost pools in an activity-based costing system. ________ 4. Interviewing operating-level managers is a poor way of determining cost pools in first-stage allocation. ________ 5. Production accountants applying activity rates to cost pools in activity-based costing will be able to calculate standard costs. ________ 6. The process of budgeting often takes place during the process of evaluation. ________ 7. Preparation of the cash budget often precedes the preparation of the sales budget. ________ 8. The self-imposed budget is the same as a top-down budget. ________ 9. The Chief Executive Officer of a corporation…
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The following information is available for Lock Company, which produces custom security systems and uses a job order cost accounting system. Inventories Chapter 15 Flows of Manufacturing Worksheet Raw Materials Work in Process Finished Goods Activities and information for March Raw Materials purchases (paid in cash) Factory payroll (paid in cash) Factory overhead Indirect materials Indirect labor Other overhead costs (paid in cash) November 30 Sales (received in cash) Predetermined overhead rate based on direct labor costs 1. Cost of direct materials used 2. Cost of direct labor used 43,000 10,200 63,000 1. Raw materials purchases 2. Direct materials usage 3. Indirect materials usage 4. Direct labor usage December 31 3. Cost of goods manufactured 4. Cost of goods sold (ignore under or over applied overhead at this stage) 5. Gross profit 6. Overapplied or underapplied overhead 52,000 21,300 35,600 15,000 80,000 120,000 1,400,000 Part A: Compute the following amounts for the month of…