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Question
Journalize the entries for the following summarized operations related to production for a company using a job order cost system:
a. Materials purchased on account $176,000
b. Materials requisitioned:
For production orders 153,700
For general factory use 2,700
c. Factory labor used:
On production orders 141,300
For general factory purposes 12,000
d. Depreciation on factory equipment 37,000
e. Expiration of prepaid expenses, chargeable to factory 6,100
f. Factory overhead costs incurred on account 76,000
g. Factory overhead applied, based on machine hours 105,300
h. Jobs finished 415,300
i. Jobs shipped to customers:
Selling price (assume all sold on account) 638,000
Cost of goods sold 412,000
Answer
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