eBook Show Me How Calculator Entries for costs in a ?obordercostsystem Journal I

Question

eBook Show Me How Calculator Entries for costs in a ?obordercostsystem Journal Inslructions DiSalvio Co uses a job order cost system. The following data summarize the operations relaled to production for May: May 1 Materials purchased on account, $645,190 2 Materials requisitioned, $642,250, of which $72,680 was for general factory use. 31 Factory labor used, $631,920, of which $91,350 was indirect 31 Other costs incurred on account for factory overhead, $153,030; selling expenses, $228,490, and administrative expenses, $150,890 Prepaid expenses expired for factory overhead were $29,630for selling expenses, $26,950, and for administrative expenses, $17,150 31 31 Depreciation of office building was s88,610; of office equipment, $42,970; and of factory equipment, $31,120 31 Factory overhead costs applied to jobs, $373,200 31 Jobs completed, $966,650 31 Cost of goods sold, $848,470 Joumalize the entries to record the summarized operations. Refer to the Chart of Accounts for exact wording of account titles Check My Work All work saved.

Explanation / Answer

Date Description Post Ref Debit   Credit 1-May Material $             645,190 Accounts payable $             645,190 2-May Work in process $             569,570 Factory Overhead $               72,680 Material $             642,250 31-May Work in process $             540,570 Factory Overhead $               91,350 Wages payable $             631,920 31-May Factory Overhead $             153,030 Selling Expenses $             228,490 Administrative Expenses $             150,890 Accounts payable $             532,410 31-May Factory Overhead $               29,630 Selling Expenses $               26,950 Administrative Expenses $               17,150 Prepaid Expenses $               73,730 31-May Depreciation expenses-Office Building $               88,610 Depreciation expenses-Office equipment $               42,970 Factory Overhead $               31,120 Accumulated Depreciation-Building and equipment $             162,700 31-May Work in process $             373,200 Factory Overhead $             373,200 31-May Finished goods $             966,650 Work in process $             966,650 31-May Cost of goods sold $             848,470 Finished goods $             848,470

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