Answered: $262,730; and administrative expenses,…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 1PA: Barnes Company uses a job order cost system. The following data summarize the operations related to...

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Entries for Costs in a Job Order Cost System Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $710,070 b. Materials requisitioned, $596,460, of which $77,540 was for general factory use c. Factory labor used, $731,370, of which $138,960 was indirect d. Other costs incurred on account for factory overhead, $170,420; selling expenses, $262,730; and administrative expenses, $156,220 e. Prepaid expenses expired for factory overhead, $32,660; for selling expenses, $27,690; and for administrative expenses, $19,880 f. Depreciation of office building was $95,150; of office equipment, $48,280; and of factory equipment, $32,660 g. Factory overhead costs applied to jobs, $404,740 h. Jobs completed, $937,290 I. Cost of goods sold, $908,890 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, $710,070. b. Materials requisitioned, $596,460, of which $77,540 was for general factory use. C. Factory labor used, $731,370, of which $138,960 was indirect. D. Other costs incurred on account for factory overhead, $170,420; selling expenses, $262,730; and administrative expenses, $156,220. e. Prepaid expenses expired for factory overhead, $32,660; for selling expenses, $27,690; and for administrative expenses, $19,880. f. Depreciation of office building was $95,150; of office equipment, $48,280; and of factory equipment, $32,660. g. Factory overhead costs applied to jobs, $404,740. h. Jobs completed, $937,290. i. Cost of goods sold, $908,890.

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