QUESTION 24 es uses a job order cest sytem to record datalevents. The chart of a

Question

QUESTION 24 es uses a job order cest sytem to record datalevents. The chart of accounts, and account nambers(), used by Roman is as follows CHART OF ACCOUNTS Name t Name 10 1 Sales 52 Factory wages payable 80 Cost of goods sold 1 Wages expense 82 Depreciation expense 100 actory labor 101 Manufactaring overhead recelvable 12 Raw materials inventory 13 Work in process inventory 14 Finished goods inventory 5 Accumulated depreciation 51 Accounts payable e provided in thve Kollowing ormatmea customon paid 5700 cash for the INSTRUCTIONS Indicate the journal entries required to recored the following datalevents Your answers must b purchase of an hem from your store The answer should be>>>1 JE #1-Debit 10 Credit 11-Anou. S700 1 Purchased raw materials on account, $96,000 2 Incurred factory labor, $85,000 3 Charged direct labor to job X55, $78.000 Charged Indirect labor to manufacturing overhead 517000 4 Charged direct materials to job X55, 582,000 Indirect material for general plant use $4 500 5Incuned actual manufacturing overhead on account $38,000 7. Recognized depreciation on factory equipment $11,000 8 Charged overhead to job X55 at 80% of direct labor cost 9 Recorded completion of job X55

Explanation / Answer

13

101

100

100

78000

17000

13

101

12

12

82000

4500

Total expenses on job:

Mat: 82000

Labour: 78000

Overhead: 62400

Total= 222400

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#JE Debit Credit Amount 1 12 51 96000 2 100 52 85000 3

13

101

100

100

78000

17000

4

13

101

12

12

82000

4500

5 101 51 38000 7 82 15 11000 8 13 101 62400 (=78000*80%) 9 14 13 222400

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