15. Prepare journal entries to record the following transactions and events for

Question

15. Prepare journal entries to record the following transactions and events for April using a job order cost accounting system. (a) Purchased raw materials on credit, $69,000. (b) Raw materials requisitioned: $26,000 direct and $5,400 indirect. (c) Factory payroll totaled $46,000 (paid in cash), including $9,500 indirect labor. (d) Paid other actual overhead costs totaling $14,500 cash. (e) Applied overhead totaling $28,200. (f) Finished and transferred jobs totaling $77,500. (g) Jobs costing $58,800 were sold on credit for $103,000.

Explanation / Answer

a) Merchandise Inventory 69000 Accounts Payable 69000 b) Goods in process inventory 26000 Factory overhead 5400 Raw material inventory 30400 c) Factory Pay roll 46000 Cash 46000 Goods in process inventory 36500 Factory overhead 9500 Factory Pay roll 46000 d) Factory overhead 14500 Cash 14500 e) Goods in process inventory 28200 Factory overhead 28200 f) Finished goods inventory 77500 Goods in process inventory 77500 g) Accounts Receivable 103000 Sales 103000 Cost of goods sold 58800 Finished goods inventory 58800

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