Enos Printing Corp. uses a job order cost system. The following data summarize t
ID: 2518700 • Letter: E
Question
Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production.
1.Materials purchased on account $192,000, and factory wages incurred $87,300.
2.Materials requisitioned and factory labor used by job:
3.Manufacturing overhead costs incurred on account $49,500.
4.Depreciation on factory equipment $14,550.
5.Depreciation on the company's office building was $14,300.
6.Manufacturing overhead rate is 90% of direct labor cost.
7.Jobs completed during the quarter: A20, A21, and A23.
Instructions
Prepare entries to record the operations summarized above. (Prepare a schedule showing the individual cost elements and total cost for each job in item 7.)
Job Number Materials Factory Labor A20 $?35,240 $18,000 A21 ??42,920 ?22,000 A22 ??36,100 ?15,000 A23 ??39,270 ?25,000 General factory use ???4,470 ??7,300 $158,000 $87,300Explanation / Answer
Factory Factory total Materials labor overhead job No A20 35,240 18,000 16200 69,440 A21 42,920 22,000 19800 84,720 A22 36,100 15,000 13500 64,600 A23 39,270 25,000 22500 86,770 total 153,530 80,000 72000 305,530 journal Entries No. Account titles & Explanations Debit Credit 1) Raw materials inventory 192,000 Accounts payable 192,000 Factory wages 87,300 Factory wages payable 87,300 2) Work in process (153,530+80000) 233,530 Factory overhead (4,470+7,300) 11770 Raw material inventory 158,000 Factory wages 87,300 3) Factory overhead 49,500 Accounts payable 49,500 4) Factory overhead 14,550 Accumulated deprecaition 14,550 5) Depreciation expense 14,300 Accumulated depreciation 14,300 6) work in process inventory 72000 Factory overhead 72000 7) Finished goods inventory 240,930 work in process inventory 240,930
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