FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Enos 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 $196,700, and factory wages incurred $94,100. 2. Materials requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 $37,040 $19,800 A21 45,020 22,600 A22 37,800 16,500 A23 41,370 27,100 General factory use 5,070 8,100 $166,300 $94,100 3. Manufacturing overhead costs incurred on account $51,600. 4. Depreciation on factory equipment $15,850. 5. Depreciation on the company's office building was $14,300. 6. Manufacturing overhead rate is 86% of direct labor cost. 6. Manufacturing overhead rate is 86% of direct labor cost. 7. Jobs completed during the quarter: A20, A21, and A23. Prepare a schedule showing the individual cost elements and total cost for each job in item 7. Direct Direct Manufacturing Job Materials Labor Overhead Total A20 %24 37.040 %24 19.800 17,028 %24 73,868 A21 45,02 22.600 16,500 27.10 A23 17,028 19,436 14.190 23,306 91,776 Prepare entries to record the operations summarized above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Transcribed Image Text:Enos 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 $196,700, and factory wages incurred $94,100. 2. Materials requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 $37,040 $19,800 A21 45,020 22,600 A22 37,800 16,500 A23 41,370 27,100 General factory use 5,070 8,100 $166,300 $94,100 3. Manufacturing overhead costs incurred on account $51,600. 4. Depreciation on factory equipment $15,850. 5. Depreciation on the company's office building was $14,300. 6. Manufacturing overhead rate is 86% of direct labor cost. 6. Manufacturing overhead rate is 86% of direct labor cost. 7. Jobs completed during the quarter: A20, A21, and A23. Prepare a schedule showing the individual cost elements and total cost for each job in item 7. Direct Direct Manufacturing Job Materials Labor Overhead Total A20 %24 37.040 %24 19.800 17,028 %24 73,868 A21 45,02 22.600 16,500 27.10 A23 17,028 19,436 14.190 23,306 91,776 Prepare entries to record the operations summarized above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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