0 Required information Problem 19-3A Source documents, journal entries, and acco

Question

0 Required information Problem 19-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 The following information appilies to the questions displayed below predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company's 10 points production activities during May 2017 follows o. Purchased raw materials on credin, $240,000 b. Materials requistions record use of the following materials for the month ob 136 ob 137 ob 138 ob 139 ob 140 Total direct materials 33,500 19,400 22,600 131,400 Total saterials used 5151,400

Explanation / Answer

Working:

Transaction General Journal Debit Credit a. Raw materials inventory 240000 Accounts payable 240000 (To record raw materials purchased on credit) b. Work in process inventory 131400 Factory overhead 20000 Raw materials inventory 151400 (To record materials requisitioned) c. Factory overhead 15750 Cash 15750 (To record factory overheads paid) d. Work in process inventory 103900 Factory overhead 25500 Cash 129400 (To record payment of factory wages) e. Work in process inventory 179000 Factory overhead 179000 (To record factory overheads applied) f. Finished goods inventory 359000 Work in process inventory 359000 (To record jobs transferred to finished goods) g(1) Accounts receivable 535000 Sales revenue 535000 (To record jobs sold on credit) g(2) Cost of goods sold 218200 Finished goods inventory 218200 (To record cost of sales) h. Factory overhead 155000 Accumulated depreciation-factory building 68000 Accumulated depreciation-factory equipment 38500 Prepaid insurance 12000 Property taxes payable 36500 (To record factory overheads incurred) i. Work in process inventory 28800 Factory overhead 28800 (To record factory overheads applied)

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