PR 19-1A Entries for costs in a job order cost system OBJ. 2 Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $225,750 b. Materials requisitioned, $217,600, of which $17,600 was for general factory use C. Factory labor used, $680,000, of which $72,300 was indirect d. Other costs incurred on account for factory overhead, $330,000; selling expenses, $180,000; and administrative expenses, $126,000 e. Prepaid expenses expired for factory overhead, $27,500; for selling expenses, $8,100; and for administrative expenses, $5,250 f. Depreciation of office building was $44,500; of office equipment, $16,800; and of fac- tory equipment, $55,100 g. Factory overhead costs applied to jobs, $548,000 h. Jobs completed, $1,140,000 i. Cost of goods sold, $1,128,000 Instructions Journalize the entries to record the summarized operations.
PR 19-1A Entries for costs in a job order cost system OBJ. 2 Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $225,750 b. Materials requisitioned, $217,600, of which $17,600 was for general factory use C. Factory labor used, $680,000, of which $72,300 was indirect d. Other costs incurred on account for factory overhead, $330,000; selling expenses, $180,000; and administrative expenses, $126,000 e. Prepaid expenses expired for factory overhead, $27,500; for selling expenses, $8,100; and for administrative expenses, $5,250 f. Depreciation of office building was $44,500; of office equipment, $16,800; and of fac- tory equipment, $55,100 g. Factory overhead costs applied to jobs, $548,000 h. Jobs completed, $1,140,000 i. Cost of goods sold, $1,128,000 Instructions Journalize the entries to record the summarized operations.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:PR 19-1A
Entries for costs in a job order cost system
OBJ. 2
Munson Co. uses a job order cost system. The following data summarize the operations
related to production for July:
a. Materials purchased on account, $225,750
b. Materials requisitioned, $217,600, of which $17,600 was for general factory use
C. Factory labor used, $680,000, of which $72,300 was indirect
d. Other costs incurred on account for factory overhead, $330,000; selling expenses,
$180,000; and administrative expenses, $126,000
e. Prepaid expenses expired for factory overhead, $27,500; for selling expenses, $8,100;
and for administrative expenses, $5,250
f. Depreciation of office building was $44,500; of office equipment, $16,800; and of fac-
tory equipment, $55,100
g. Factory overhead costs applied to jobs, $548,000
h. Jobs completed, $1,140,000
i. Cost of goods sold, $1,128,000
Instructions
Journalize the entries to record the summarized operations.
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