The ledger accounts of Larken Company are presented below, with an identificatio

Question

The ledger accounts of Larken Company are presented below, with an identification number for each. Instructions: Prepare appropriate job order cost system entries to record the data/events given below. Place the appropriate identification number(s) in the debit and credit columns provided and the dollar amount in the adjoining column. 1. Cash 9. Accumulated Depreciation 2. Accounts Receivable 10. Sales 3. Raw Materials Inventory 11. Depreciation Expense 4. Work in Process Inventory 12. Factory Labor 5. Finished Goods Inventory 13. Wages Expense 6. Manufacturing Overhead 14. Cost of Goods Sold 7. Accounts Payable 15. Other Accounts 8. Factory Wages Payable —————————————————————————————————————————— Account(s) Account(s) Dollar Entry Information Debited Credited Amount —————————————————————————————————————————— 1. Purchased raw materials on account $270,000 —————————————————————————————————————————— 2. Incurred factory labor—$100,000 —————————————————————————————————————————— 3. Charged direct labor to job 152—$90,000 —————————————————————————————————————————— 4. Charged direct materials to job 152—$55,000 —————————————————————————————————————————— 5. Incurred manufacturing overhead on account—$65,000 —————————————————————————————————————————— 6. Recorded the remaining factory labor as indirect labor —————————————————————————————————————————— 7. Recognized depreciation on factory equipment—$25,000 —————————————————————————————————————————— 8. Charged overhead to job 152 at 150% of direct labor cost —————————————————————————————————————————— 9. Recorded completion of job 152 —————————————————————————————————————————— 10. Recorded cost of sales for job 152 —————————————————————————————————————————— 11. Recorded revenue from sale of job 152 on account— $400,000 —————————————————————————————————————————— 12. Assume total actual overhead was $2,260,000 and total applied overhead was $2,280,000 for the year. Record the entry to close the manufacturing overhead account.

Explanation / Answer

The ledger accounts of Larken Company are presented below, with an identificatio

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