Kurtz Fencing Inc. uses a job order cost system. The following data summarize th

Question

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:

JOURNAL

DATE DESCRIPTION POST. REF. DEBIT CREDIT

Mar. 31

Materials

31,030.00

Mar. 31

Accounts Payable

31,030.00

Mar. 31

Work in Process

Mar. 31

Factory Overhead

Mar. 31

Materials

Mar. 31

Wages Payable

Mar. 31

Factory Overhead

Mar. 31

Accounts Payable

Mar. 31

Factory Overhead

Mar. 31

Accumulated Depreciation-Machinery and Equipment

Mar. 31

Work in Process

Mar. 31

Factory Overhead

Mar. 31

Finished Goods

Mar. 31

Work in Process

Mar. 31

Accounts Receivable

Mar. 31

Sales

Mar. 31

Cost of Goods Sold

Mar. 31

Finished Goods

a. Materials purchased on account, $31,030. b. Materials requisitioned and factory labor used:

Explanation / Answer

Date Account title and explanation Debit Credit Mar, 31 Materilas 31030 Accounts Payable 31030 (to record purchase of materials) Mar, 31 Work in process 50220 Factory overhead 5320 Materials 27600 Wages Payable 27940 (To record usage) Mar, 31 Factory overhead 5290 Account payable 5290 (To record on account factory overhead) Mar, 31 Factory overhead 1960 Accumulated Depreciation-Machinery and Equipment 1960 (To record depreciation) Mar, 31 Work in process 11544 Factory overhead 11544 (To record application of overhead) Mar, 31 Finished goods 34678 Work in process 34678 (To record completion of goods) Cost of goods sold 22158 Finished goods 22158 (To record cost of goods sold)

Related Questions

Navigate

• Browse (All)
• Browse K
• Subjects

---

---

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