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Entries for costs in a job order cost system Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: 1. Materials purchased on account, $770,00O. 2. Materials requisitioned, $680,000, of which $75,800 was for general factory use. 3. Factory labor used, $756,000, of which $182,000 was indirect. 4. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500%3; and administrative expenses, $110,600. 5. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660. 6. Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900. 7. Factory overhead costs applied to jobs, $568,500. 8. Jobs completed, $1,500,000. 9. Cost of goods sold, $1,375,000. Instructions Journalize the entries to record the summarized operations.

Entries for costs in a job order cost system Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: 1. Materials purchased on account, $770,00O. 2. Materials requisitioned, $680,000, of which $75,800 was for general factory use. 3. Factory labor used, $756,000, of which $182,000 was indirect. 4. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500%3; and administrative expenses, $110,600. 5. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660. 6. Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900. 7. Factory overhead costs applied to jobs, $568,500. 8. Jobs completed, $1,500,000. 9. Cost of goods sold, $1,375,000. Instructions Journalize the entries to record the summarized operations.

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 1PB: Entries for costs in a job order cost system Royal Technology Company uses a job order cost system....
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Entries for costs in a job order cost system Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: 1. Materials purchased on account, $770,000. 2. Materials requisitioned, $680,000, of which $75,800 was for general factory use. 3. Factory labor used, $756,000, of which $182,000 was indirect. 4. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600. 5. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660. 6. Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,90. 7. Factory overhead costs applied to jobs, $568,500. 8. Jobs completed, $1,500,000. 9. Cost of goods sold, $1,375,000. Instructions Journalize the entries to record the summarized operations.
Transcribed Image Text:Entries for costs in a job order cost system Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: 1. Materials purchased on account, $770,000. 2. Materials requisitioned, $680,000, of which $75,800 was for general factory use. 3. Factory labor used, $756,000, of which $182,000 was indirect. 4. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600. 5. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660. 6. Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,90. 7. Factory overhead costs applied to jobs, $568,500. 8. Jobs completed, $1,500,000. 9. Cost of goods sold, $1,375,000. Instructions Journalize the entries to record the summarized operations.
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Journal entries are prepared to record the financial and non financial transactions of the business and it has two sides debit and credit which should be always equal.

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