Illustrate the effects on the accounts and financial statements of each of the following transactions for a company using a job order cost system: (a) Materials purchased on account $186,000 (b) Materials requisitioned: For production orders 161,500 For general factory use 8,700 (c) Factory labor used: On production orders 139,800 For general factory purposes 9,000 (d) Depreciation on factory equipment 40,000 (e) Factory overhead applied, based on machine hours 97,650 (f) Jobs finished 406,000 (g) Jobs shipped to customers: cost, $394,000; selling price 580,000 Enter an increase in Accumulated Depreciation as a negative value. In all other cases, enter increases in accounts as positive values and decreases as negative values. If an answer cell does not require an entry, leave it blank.

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Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October Materials purchased on account, $644,380. 1 Materials requisitioned, $670,250, of which $71,770 was for general factory use. 31 Factory labor used, $637,900, of which $88,640 was indirect. 31 Other costs incurred on account for factory overhead, $142,060; selling expenses, $238,560; and administrative expenses, $151,300. 31 Prepaid expenses expired for factory overhead were $29,450; for selling expenses, $27,540; and for administrative expenses, $18,720. 31 Depreciation of office building was $84,480; of office equipment, $43,730; and of factory equipment, $32,270. 31 Factory overhead costs applied to jobs, $379,790. 31 Jobs completed, $988,380. 31 Cost of goods sold, $921,340. Required: Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for…

3. Asters Co. uses a job order cost system. The following data summarizes the operations related to production for March. Journalize the entries to record the summarized operations. a. Materials purchased on account for $660,000 b. Materials requisitioned, $577,500 of which $73,500 was for general factory use c. Factory labor used, $681,500, of which $95,000 was indirect labor d. Other costs incurred on account were for factory, $154,320; selling expenses, $244,440; and administrative expenses, $152,250 e. Prepaid expenses expired for factory overhead were $30,450; for selling expenses, $25,830; and for administrative expenses, $18,690 f. Depreciation of office building was $88,200; of office equipment, $45,150; and of factory equipment, $30,450 g. Factory overhead costs applied to jobs, $375,500 h. Jobs completed, $871,800 i. Cost of goods sold, $860,000. Selling price of $925,000.

A company that uses job order costing incurred a monthly factory payroll of $223,500. Of this amount, $43,000 is indirect labor and $180,500 is direct labor. Prepare journal entries to record the (a) use of direct labor and (b) use of indirect labor. View transaction list Journal entry worksheet < 1 Record the cost of direct labor used. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal

Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October 1 Materials purchased on account, $663,320.   2 Materials requisitioned, $618,780, of which $71,310 was for general factory use.   31 Factory labor used, $640,350, of which $88,200 was indirect.   31 Other costs incurred on account for factory overhead, $140,430; selling expenses, $245,050; and administrative expenses, $145,440.   31 Prepaid expenses expired for factory overhead were $30,100; for selling expenses, $27,880; and for administrative expenses, $18,590.   31 Depreciation of office building was $86,490; of office equipment, $45,350; and of factory equipment, $30,880.   31 Factory overhead costs applied to jobs, $365,760.   31 Jobs completed, $1,017,410.   31 Cost of goods sold, $911,220.     Required:           CHART OF ACCOUNTS     Barnes Co.     General Ledger       ASSETS 110 Cash 121…

Morrison Company uses job-order costing to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 11,900 5,900 20,550 h. Manufacturing overhead applied to production, $141,000. i. Cost of goods manufactured, $293,800. j. Cash sales to customers, $401,720. k. Cost of goods sold (unadjusted), $289,800. 1. Cash payments to creditors, $77,200. m. Underapplied or overapplied overhead $? . Required: $ 34,800 During January the company completed the following transactions: a. Purchased raw materials on account, $90,800. b. Raw materials used in production, $93,600 ($78,600 was direct materials and $15,000 was indirect materials). c. Paid $195,100 of salaries and wages in cash ($110,200 was…