Enos Printing Corp. uses a job order cost system. The following data summarize t
ID: 2461742 • Letter: E
Question
Enos 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 $193,900, and factory wages Incurred $92,700. Materials requisitioned and factory labor Used by job: Manufacturing overhead costs incurred on account $51,400. Depreciation on factory equipment $16,950. Depreciation on the company's office building was $15,200. Manufacturing overhead rate is 84% of direct labor cost. Jobs completed during the quarter: A20, A21, and A23. Prepare entries to record the operations summarized above.Explanation / Answer
**cost of A 20 = (38140+ 18700 + (18700*.84) ] = 72548
cost of A 21 = [44520+23600+ (23600*.84)] =87944
Cost of A 23 = [40470 + 26200+ (26200*.84)] = 88678
total finished goods = 249170 [72548+87944+88678]
No. Account title Debit credit 1 Raw material inventory 193900 Accounts payable 193900 Factory wage expense 92700 Wages payable 92700 [wage incurred ] 2 Work in process [165400-5070] 160330 Manufacturing overhead 5070 Raw material inventory 165400 2b work in process [92700-7800] 84900 Manufacturing overhead 7800 Factory wages payable 92700 3 Manufacturing overhead 51400 Accounts payable 51400 4 Manufacturing overhead 16950 Accumulated depreciation-factory equipment 16950 5 Depreciation -office building 15200 Accumulated depreciation 15200 6 work in process 71316 Manufacturing overhead 71316 [overhead applied (84900 * .84) ] 7 Finished goods inventory 249170 work in process 249170 [being jobs completed transfered to finished goods inventory ]Related Questions
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