GIA Ce uses a job order cost system. The folowing data summarize the operations

Question

GIA Ce uses a job order cost system. The folowing data summarize the operations related to production for May a. Materials purchased on account, $620,170. b. Materials requisitioned, $520,940, of which $67,720 was for general factory use c. Factory labor used, $638,780, of which $121,370 was indirect d. Other costs incurred on account for factory overhead, 140,840; selling expenses, S229,450; and admintrative expenses, $136,440. e. Prepaid expenses expired for factory overheed were $28,530, for selling expenses, $24,190,and for administrative expenses, $17,360 t Depreciation of office building was $83,100, of office equipment, $42,170, and of factory equipment, $28,530 Fectory overhead costs applied to jobs, $353,500 L Cost of goods sold, $793,820 Jevnakze ue entries to record te summarized operations, re. compound transaction,·an "neunt box doe net reare a, entry, ien, t benk a. Materials on account, $620,170 $520.90, of which $67,720 was for general factory e Factory labor 128,330 was for fectory overhead, $149, 040, selling expenses, $229,460, and adminstratie work saved

Explanation / Answer

Journal Entry Date Particulars Dr. Amt. Cr. Amt. a. Raw Materials Inventory    620,170.00    Accounts Payable    620,170.00 (To record the materials purchased) b. Work in Progress    453,220.00 Factory Overhead      67,720.00    Raw Materials Inventory    520,940.00 (To record the materials issued for production) c. Work in Progress    517,410.00 Factory Overhead    121,370.00    Wages Payable    638,780.00 (To record the labor used for production) d. Factory Overhead    148,840.00 Selling Expenses    229,460.00 Administrative Expenses    136,440.00     Accounts Payable    514,740.00 (To record the expenses incurred) e. Factory Overhead      28,530.00 Selling Expenses      24,190.00 Administrative Expenses      17,360.00     Prepaid Expenses      70,080.00 (To record the expenses incurred) f. Depreciation Expenses - Office Building      83,100.00 Depreciation Expenses - Office Equipment      42,170.00 Factory Overhead      28,530.00    Accumulated Depreciation - Building & Equipment    153,800.00 (To record the depreciation expenses) g. Work in Progress    353,500.00    Factory Overhead    353,500.00 (To record the factory overhead applied) h. Finished Goods Inventory    818,620.00    Work in Progress    818,620.00 (To record the finished goods completed) i. Cost of Goods Sold    793,820.00    Finished Goods Inventory    793,820.00 (To record the finished goods inventory)

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