Exercise 14-8 Crane Printing Corp. uses a job order cost system. The following d

Question

Exercise 14-8 Crane Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production 1. Materials purchased on account $193,000, and factory wages incurred $87,800 2. Materials requistioned and factory labor used by job: Job Number A20 A21 A22 A23 General factory use Material:s Factory Labor $36,240 43,920 36,200 40,270 4,570 $161,200 $18,100 22,100 15,100 25,100 7,400 $87,800 3. Manufacturing overhead costs incurred on account $49,600. 4. Depreciation on factory equipment $15,550. 5. Manufacturing overhead rate is 80% of direct labor cost. 6. Jobs completed during the quarter: A20, A21, and A23 Record the operations summarized above. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead Work in Process Inventory Finished Goods Inventory Cost of Goods Sold 1. Purchased raw materials 1. Incurred factory labor 2·Direct matenals 2. Indirect materials 2. Direct labor 2. Indirect labor 3. Incurred overhead costs 4. Factory depreciation 5. Assigned overhead 6. Completed jobs

Explanation / Answer

Raw material inventory Factory labor Manufacturing overhead Work in process inventory Finished Goods inventory Cost of good sold 1) purchase raw material 193000 1)Incurred Factory labor 87800 2) Direct Material -156630 156630 2 Indirect Material -4570 2) direct labor -80400 80400 2) indirect labor -7400 3) incurred overhead cost 49600 4) Factory depreciation 15550 5) assigned overhead -64320 64320 6) Completed jobs -237970 237970 Direct mat Direct lab overhead Total A20 36240 18100 14480 68820 A21 43920 22100 17680 83700 A23 40270 25100 20080 85450 Total 237970 If any doubt please comment

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