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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 cost incurred on account for factory overhead. $ 245,000: selling expenses, $ 171,500; and administrative expenses, $ 110,600 e. Prepaid expenses expired for factory overhead. $ 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 Instruction Journalize the entries to record the summarized operations.

BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

Solutions

Chapter
Section
Chapter 19, Problem 19.1BPR
Textbook Problem

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 cost incurred on account for factory overhead. $245,000: selling expenses, $171,500; and administrative expenses, $110,600

e. Prepaid expenses expired for factory overhead. $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

Instruction

Journalize the entries to record the summarized operations.

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Chapter 19 Solutions

Accounting
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Ch. 19 - Issuance of materials On May 7, Bergan Company...Ch. 19 - Issuance of materials On August 4, Rothchild...Ch. 19 - Direct labor costs During May, Bergan Company...Ch. 19 - Direct labor costs During August, Rothchild...Ch. 19 - Factory overhead costs During May, Bergan Company...Ch. 19 - Factory overhead costs During August, Rothchild...Ch. 19 - Applying factory overhead Bergan Company estimates...Ch. 19 - Applying factory overhead Rothchild Company...Ch. 19 - Job costs At the end of May, Bergan Company had...Ch. 19 - Job costs At the end of August, Rothchild Company...Ch. 19 - Transactions in a job order cost system Five...Ch. 19 - Cost of materials issuances under the FIFO method...Ch. 19 - Entry for issuing materials Materials issued for...Ch. 19 - Entries for materials GenX Furnishings...Ch. 19 - Entry for factory labor costs A summary of the...Ch. 19 - Entry for factory labor costs The weekly time...Ch. 19 - Entries for direct labor and factory overhead...Ch. 19 - Factory overhead rates, entries and account...Ch. 19 - Predetermined factory overhead rate Street....Ch. 19 - Predetermined factory overhead rate Poehling...Ch. 19 - Entry for jobs completed; cost of unfinished jobs...Ch. 19 - Entries for factory costs and jobs completed Old...Ch. 19 - Financial statements of a manufacturing firm The...Ch. 19 - Decision making with job order costs Alvarez...Ch. 19 - Decision making with job order costs Raneri...Ch. 19 - Job order cost accounting for a Service company...Ch. 19 - Job order cost accounting for a service company...Ch. 19 - Entries for costs in a job order cost system...Ch. 19 - Entries and schedules for unfinished jobs and...Ch. 19 - Job order cost sheet Remnant Carpet Company sells...Ch. 19 - Analyzing manufacturing cost accounts Fire Rock...Ch. 19 - Flow of costs and income statement Ginocera Inc....Ch. 19 - Entries for costs in a job order cost system Royal...Ch. 19 - Entries and schedules for unfinished Jobs and...Ch. 19 - Job order cost sheet Stretch and Trim Carpet...Ch. 19 - Analyzing manufacturing cost accounts Clapton...Ch. 19 - Flow of costs and income statement Technology...Ch. 19 - Communication TAC Industries sells heavy equipment...Ch. 19 - Predetermined overhead rates As an assistant cost...Ch. 19 - Communication Carol Creedence, the plant manager...Ch. 19 - Job order decision making and rate deficiencies...Ch. 19 - Recording manufacturing costs Todd Lay just began...

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