Journalize the entries to record the following summarized operations related to production for a company using a job order cost system:a.b.a. Materials purchased on accountb.C.C.d.e.f.9.h.i.j.Prepaid expenses incurred on accountMaterials requisitioned:For production ordersFor general factory useFactory labor used:If an amount box does not require an entry, leave it blank.On production ordersFor general factory purposesDepreciation on factory equipmentExpiration of prepaid expenses, chargeable to factoryFactory overhead costs incurred on accountFactory overhead applied, based on machine hoursJobs finishedJobs shipped to customers: CostSelling price (assume all sold on account)J$176,00012,200153,7002,700141,30012,00037,0006,10076,000105,300415,300412,000638,000

A journal is a booklet in which transactions are chronologically documented. It is also known as the…

Journalize the entries to record the following summarized operations related to production for a company using a job order cost system: a. Materials purchased on account b. a. C. d. 9. h. i. j. b. Prepaid expenses incurred on account Materials requisitioned: For production orders For general factory use On production orders For general factory purposes e. Depreciation on factory equipment f. Factory labor used: Expiration of prepaid expenses, chargeable to factory Factory overhead costs incurred on account Factory overhead applied, based on machine hours Jobs finished Jobs shipped to customers: Cost 1 If an amount box does not require an entry, leave it blank. Selling price (assume all sold on account) $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

Journalize the entries to record the following summarized operations related to production for a company using a job order cost system: a. Materials purchased on account b. a. C. d. 9. h. i. j. b. Prepaid expenses incurred on account Materials requisitioned: For production orders For general factory use On production orders For general factory purposes e. Depreciation on factory equipment f. Factory labor used: Expiration of prepaid expenses, chargeable to factory Factory overhead costs incurred on account Factory overhead applied, based on machine hours Jobs finished Jobs shipped to customers: Cost 1 If an amount box does not require an entry, leave it blank. Selling price (assume all sold on account) $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

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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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
The Goods in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $7,200 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $3,400 and direct labor cost of $1,150. What is the company's overhead application rate?
What is the journal entry to record the cost of goods sold using a job order cost accounting system? The job was listed as finished goods but has now been sold. Group of answer choices debit finished goods, credit cost of goods sold debit finished goods, credit work in process debit cost of goods sold, credit finished goods debit work in process, credit cost of goods sold
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, $770,000. b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. c. Factory labor used, $756,000, of which $182,000 was indirect. d. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600. e. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660. f. Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900. g. Factory overhead costs applied to jobs, $568,500. h. Jobs completed, $1,500,000. i. Cost of goods sold, $1,375,000. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it…
Required: Classify the following costs as period or traceable costs. Depreciation on office building Insurance expense for factory building Product liability insurance premium Transportation charges for raw materials Factory repairs and maintenance Rent for inventory warehouse Cost of raw materials Factory wages Salary to chief executive officer Depreciation on factory Bonus to factory workers Salary to marketing staff Administrative expenses Bad debt expense Advertising expense Research and development Warranty expense Electricity for plant
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Make a schedule of cost of goods manufactured.
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