Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July: July 1 Materials purchased on account, $203,940 Materials requisitioned, $191,480, of which $15,530 was for general factory use Factory labor used, $598,400, of which $63,620 was indirect Other costs incurred on account for factory overhead, $290,400; selling expenses, $158,300; and administrative expenses, $110,900 Prepaid expenses expired for factory overhead, $21,310; for selling expenses, $6,250; and for administrative expenses, $7,940 Depreciation of office building was $40,100; of office equipment, $13,500; and of factory equipment, $51,200 Factory overhead costs applied to jobs, $452,240 Jobs completed, $1,003,200 Cost of goods sold, $992,600 2 31 31 31 31 31 31 31 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 journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July: July 1 Materials purchased on account, $203,940 Materials requisitioned, $191,480, of which $15,530 was for general factory use Factory labor used, $598,400, of which $63,620 was indirect Other costs incurred on account for factory overhead, $290,400; selling expenses, $158,300; and administrative expenses, $110,900 Prepaid expenses expired for factory overhead, $21,310; for selling expenses, $6,250; and for administrative expenses, $7,940 Depreciation of office building was $40,100; of office equipment, $13,500; and of factory equipment, $51,200 Factory overhead costs applied to jobs, $452,240 Jobs completed, $1,003,200 Cost of goods sold, $992,600 2 31 31 31 31 31 31 31 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 journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Name: ASSETS110 Cash121 Accounts Receivable125 Notes Receivable126 Interest
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Description: ASSETS110 Cash121 Accounts Receivable125 Notes Receivable126 Interest Receivable131 Materials132 Work in Process133 Factory Overhead134 Accumulated Depreciation-Factory Equipment135 Finished Goods141 Supplies142 Prepaid Insurance143 Prepaid Expenses

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Demere Corporation uses a job costing system. On January 1, Demere Corporation's work in process inventory account had a balance of $75,000. During the year, materials requisitioned for use in production amounted to $120,000, of which $82,000 represented direct materials. Factory wages for the period were $231,000, of which $219,000 were for direct labor. Manufacturing overhead is allocated on the basis of 85% of direct labor cost. Actual overhead cost for the year was $125,000. Jobs costing $345,000 were completed during the year. The December 31 work in process (WIP) inventory balance is closest to Select one: a. $186,500 b. $156,000 c. $168,000 d. $217,150 e. $426,000
Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $33,100. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,740 $5,460 302 3,980 2,930 303 2,570 3,070 304 8,850 8,520 305 6,210 1,840 306 4,290 6,110 For general factory use 1,200 4,520 c. Factory overhead costs incurred on account, $6,470. d. Depreciation of factory machinery and equipment, $1,790. e. The factory overhead rate is $65 per machine hour. Machine hours used: Job Machine Hours 301 52 302 28 303 44 304 65 305 36 306 79 Total 304 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $23,450; Job 302, $19,210; Job 303, $17,360. Required: 1. Journalize the entries to…
Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: a. Materials purchased on account, $50,000. b. Materials requisitioned and factory labor used: Job 301 302 303 304 305 306 For general factory use Job Machine Hours 301 302 303 c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, $2,700. e. The factory overhead rate is $40 per machine hour. Machine hours used: 304 305 306 Total 30 60 41 63 70 36 Materials Factory Labor $1,850 $2,500 3,150 2,200 1,900 4,230 1,770 1,200 300 7,220 5,350 2,300 6,225 2,900 5,000 1. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $9,000; Job 302, $16,150; Job 303, $12,800. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on December 31. Record item g as 2 entries. 2. Post the…
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. Materials requisitioned, $618,780, of which $71,310 was for general factory use. Factory labor used, $640,350, of which $88,200 was indirect. Other costs incurred on account for factory overhead, $140,430; selling expenses, $245,050; and administrative expenses, $145,440. 2 31 31 31 31 31 31 31 Prepaid expenses expired for factory overhead were $30,100; for selling expenses, $27,880; and for administrative expenses, $18,590. Depreciation of office building was $86,490; of office equipment, $45,350; and of factory equipment, $30,880. Factory overhead costs applied to jobs, $365,760. Jobs completed, $1,017,410. Cost of goods sold, $911,220.
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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…
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,100 machine-hours were used in October. g. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 28% above cost Required: 1. Prepare journal entries to record the transactions given…
Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $28,790. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,880 $2,910 302 3,690 3,860 303 2,300 1,780 304 7,820 6,990 305 5,310 5,050 306 3,700 3,280 For general factory use 1,070 4,180 c. Factory overhead costs incurred on account, $5,600. d. Depreciation of machinery and equipment, $1,970. e. The factory overhead rate is $53 per machine hour. Machine hours used: Job Machine Hours 301 25 302 34 303 30 304 71 305 42 306 26 Total 228 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730. Required: 1. Journalize the entries to record the summarized…
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $211,000. Raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $106,000. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,300 machine-hours were used in October. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Jobs that had cost $451,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 28% above cost. Can you please help me with the following: Prepare journal entries to record the…
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