Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $522,410. b. Materials requisitioned, $438,820, of which $57,050 was for general factory use. c. Factory labor used, $538,080, of which $102,240 was indirect. d. Other costs incurred on account for factory overhead, $125,380; selling expenses, $193,290; and administrative expenses, $114,930. e. Prepaid expenses expired for factory overhead were $24,030; for selling expenses, $20,370; and for administrative expenses, $14,630 f. Depreciation of factory equipment was $24,030; of office equipment, $35,520; and of office building, $70,000. g. Factory overhead costs applied to jobs, $297,770. h. Jobs completed, $689,580. i. Cost of goods sold, $668,680. 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, $522,410.

Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $522,410. b. Materials requisitioned, $438,820, of which $57,050 was for general factory use. c. Factory labor used, $538,080, of which $102,240 was indirect. d. Other costs incurred on account for factory overhead, $125,380; selling expenses, $193,290; and administrative expenses, $114,930. e. Prepaid expenses expired for factory overhead were $24,030; for selling expenses, $20,370; and for administrative expenses, $14,630 f. Depreciation of factory equipment was $24,030; of office equipment, $35,520; and of office building, $70,000. g. Factory overhead costs applied to jobs, $297,770. h. Jobs completed, $689,580. i. Cost of goods sold, $668,680. 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, $522,410.

Name: Entries for Costs in a Job Order Cost SystemRoyal Technology Company
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Description: Entries for Costs in a Job Order Cost SystemRoyal Technology Company uses a job order cost system. The following data summarize the operations related to production for March:a. Materials purchased on account, $522,410.b. Materials requisitioned, $4

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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