\"border: 0px; height: 0px; margin: 0px; padding: 0px; width: 707px\"> Garnett P

Question

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Garnett Printing Corp. uses a job order cost system. The

following data summarize the operations related to the first

quarter's production.

Materials purchased on account $192,000, and factory wages

incurred $87,300.

Materials requisitioned and factory labor used by job:

Manufacturing overhead costs incurred on account $39,500.

Depreciation on machinery and equipment $14,550.

Manufacturing overhead rate is 80% of direct labor cost.

Jobs completed during the quarter: A20, A21, and A23.

Instructions

Prepare entries to record the operations summarized above.

(For multiple

debit/credit entries, list amounts from largest to smallest eg 10,

5, 3, 2.)

Â

"text-decoration:underline;">Account/Description

"text-decoration:underline;">Debit

"text-decoration:underline;">Credit

1.

Â

Â

    Â

Â

Â

(To record

materials purchased.)

Â

Â

Â

Â

Â

    Â

Â

Â

(To record

factory wages incurred.)

Â

Â

2.

Â

Â

Â

Â

    Â

Â

Â

(To record

material requisitioned.)

Â

Â

Â

Â

Â

Â

Â

    Â

Â

Â

(To record

factory labor used.)

Â

Â

3.

Â

Â

    Â

Â

4.

Â

Â

    Â

Â

5.

Â

Â

    Â

Â

6.

Â

Â

    Â

Â

Complete the schedule showing the individual cost elements and

total cost for each job in item 6.

Explanation / Answer

See link to answer your accounting questions:http://lessonplans.btskinner.com/acctg.h…

Make sure to read the helpful information from the link carefully and try to answer your problems.

Good luck!

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