Enos Printing Corp, uses a job order cost system. The following data summarize the operations related to the frst quarter'sproduction.1.Materials purchased on account $196,500, and factory wages incurred $92.80.2.Materials requisitioned and factory labor used by job:Job NumberMaterialsFactory LaborA20$36,440$19,100A2144,92022.800A2237,10015,500A2340,97027,100General factory use5,4708,300$164,900$92,8003.Manufacturing overhead costs incurred on account $51,800.4.Depreciation on factory equipment $16,150.5.Depreciation on the company's office building was $15,000.6.Manufacturing overhead rate is 87% of direct labor cost.Jobs completed during the quarter. A20. A21, and A23.7.Prepare a schedule showing the individual cost elements and total cost for each job in item 7.

Solution:- Given, Enos, Printing Corp. uses a job order cost system. Information of materials…

Answered: Prepare a schedule showing the…

Business

Accounting

Prepare a schedule showing the individual cost elements and total cost for each job in item 7.

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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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Enos Printing Corp, uses a job order cost system. The following data summarize the operations related to the frst quarter's
production.
1.
Materials purchased on account $196,500, and factory wages incurred $92.80.
2.
Materials requisitioned and factory labor used by job:
Job Number
Materials
Factory Labor
A20
$36,440
$19,100
A21
44,920
22.800
A22
37,100
15,500
A23
40,970
27,100
General factory use
5,470
8,300
$164,900
$92,800
3.
Manufacturing overhead costs incurred on account $51,800.
4.
Depreciation on factory equipment $16,150.
5.
Depreciation on the company's office building was $15,000.
6.
Manufacturing overhead rate is 87% of direct labor cost.
Jobs completed during the quarter. A20. A21, and A23.
7.
Prepare a schedule showing the individual cost elements and total cost for each job in item 7.

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