eBook Problem-Solving Strategy Entries for Costs in a Job Order Cost System -11

Question

eBook Problem-Solving Strategy Entries for Costs in a Job Order Cost System -11 GIA Co. uses a job order cost system. The following data summarize the operations a. Materials purchased on account, $678,750. b. Materials requisitioned, $570,150, of which $74,120 was for general factory use. c. Factory labor used, $699,110, of which $132,830 was indirect. d. Other costs incurred on account were for factory overhead, $162,900; selling exp e. Prepaid expenses expired for factory overhead were $31,220; for selling expense f. Depreciation of office building was $90,95o g. Factory overhead costs applied to jobs, $386,890. h. Jobs completed, $895,950. i. Cost of goods sold, $868,800. Required: ; of office equipment, $46,160; and of Journalize the entries to record the summarized operations. For a compound transactio

Explanation / Answer

Entry

Description

Debit

Credit

a.

Raw materials inventory

$ 678,750

Accounts payable

$ 678,750

b.

Work in process

$ 496,030

Manufacturing overhead

$ 74,120

Raw materials inventory

$ 570,150

c.

Work in process

$ 566,280

Manufacturing overhead

$ 132,830

Wages payable

$ 699,110

d.

Manufacturing overhead

$ 162,900

Selling expenses

$ 251,140

Administrative expenses

$ 149,330

Accounts payable

$ 563,370

e.

Manufacturing overhead

$ 31,220

Selling expenses

$ 26,470

Administrative expenses

$ 19,010

Prepaid expenses

$ 76,700

f.

Manufacturing overhead

$ 31,220

Depreciation expense - Office equipment

$ 46,160

Depreciation expense - Office bulding

$ 90,950

Accumulated depreciation

$ 77,380

g.

Work in process

$ 386,890

Manufacturing overhead

$ 386,890

h.

Finished goods

$ 895,950

Work in process

$ 895,950

i

Cost of goods sold

$ 868,800

Finished goods

$ 868,800

Entry

Description

Debit

Credit

a.

Raw materials inventory

$ 678,750

Accounts payable

$ 678,750

b.

Work in process

$ 496,030

Manufacturing overhead

$ 74,120

Raw materials inventory

$ 570,150

c.

Work in process

$ 566,280

Manufacturing overhead

$ 132,830

Wages payable

$ 699,110

d.

Manufacturing overhead

$ 162,900

Selling expenses

$ 251,140

Administrative expenses

$ 149,330

Accounts payable

$ 563,370

e.

Manufacturing overhead

$ 31,220

Selling expenses

$ 26,470

Administrative expenses

$ 19,010

Prepaid expenses

$ 76,700

f.

Manufacturing overhead

$ 31,220

Depreciation expense - Office equipment

$ 46,160

Depreciation expense - Office bulding

$ 90,950

Accumulated depreciation

$ 77,380

g.

Work in process

$ 386,890

Manufacturing overhead

$ 386,890

h.

Finished goods

$ 895,950

Work in process

$ 895,950

i

Cost of goods sold

$ 868,800

Finished goods

$ 868,800

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.