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Question
://www.chegg.com/homework-help/questions-and-answers/illustrate-eff ects-accounts-financial-statemer TEXTBOOK SOLUTIONS EXPERT O&A Search lustrate the effects on the accounts and financial statements of each of the following transactions for a ompany using a job order cost system: (a) Materials purchased on account $186,000 (b) Materials equisitioned: 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, $394,00o; selling price 580.000 Expert Answer o Get this answer with Chagg studyView thi answer View this answerExplanation / Answer
Answer
(a)
Materials
186,000
Accounts Payable
186,000
(b)
Work in Process
161,500
Factory Overhead
5,700
Materials
167,200
(c,)
Work in Process
139,800
Factory Overhead
9,000
Wages Payable
148,800
(d)
Factory Overhead
40,000
Accumulated Depreciation - Factory Equipment
40,000
(e)
Work in Process
97,650
Factory Overhead
97,650
(F)
Finished Goods
406,000
Work in Process
406,000
(G)
Cost of Goods Sold
394,000
Finished Goods
394,000
Accounts Receivable
580,000
Sales
580,000
(a)
Materials
186,000
Accounts Payable
186,000
(b)
Work in Process
161,500
Factory Overhead
5,700
Materials
167,200
(c,)
Work in Process
139,800
Factory Overhead
9,000
Wages Payable
148,800
(d)
Factory Overhead
40,000
Accumulated Depreciation - Factory Equipment
40,000
(e)
Work in Process
97,650
Factory Overhead
97,650
(F)
Finished Goods
406,000
Work in Process
406,000
(G)
Cost of Goods Sold
394,000
Finished Goods
394,000
Accounts Receivable
580,000
Sales
580,000
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