Weygandt, Managerial Accounting, 7e MANAGERIAL ACCOUNTING (ACCT 105) ctice Assig

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Weygandt, Managerial Accounting, 7e MANAGERIAL ACCOUNTING (ACCT 105) ctice Assignment ment NEXT. Question 1 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 $197,000, and factory wages incurred $93,200. 2. Materials requisitioned and factory labor used by job: Materials Job Number A20 A21 A22 A23 General factory use Factory Labor $37,940 44,320 37,200 40,470 5,170 $165,100 $19,700 22,200 17,100 26,300 7,900 $93,200 3. Manufacturing overhead costs incurred on account $49,800. 4. Depreciation on factory equipment $16,650. 5. Depreciation on the company's office building was $14,400. 6. Manufacturing overhead rate is 88% of direct labor cost. 7. Jobs completed during the quarter: A20, A21, and A23 Prepare entries to record the operations summarized above. (Credit account titles are automatically indented when amount is entered. Do not indent Credit acBoOk Pro

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Event Account Debit Credit 1. Raw Material Inventory 197000 Accounts Payable 197000 (To record Raw Material Purchase) 1. Factory Labor 93200 Factory Wages Payable 93200 (To record Factory wages) 2. Work in Process Inventory 159930 Manufacturing overhead 5170 Raw Material Inventory 165100 (Rerod materila put into production) 2. Work in Process Inventory 85300 Manufacturing overhead 7900 Factory Labor 93200 (Rerod labor put into production) 3. Manufacturing overhead 49800 Accounts Payable 49800 (Manufacturing overhead incurred recorded) 4. Manufacturing overhead 16650 Accumulated Depreciation-Equipment 16650 (Depreciation recorded) 5. Depreciation Expense 14400 Accumulated Depreciation-Building 14400 (Depreciation recorded) 6. Work in process inventory (85300*88%) 75064 Manufacturing overhead 75064 7. Finished Goods Inventory (Working-1) 250946 Work in Process Inventory 250946 (A20,21, and 23 finished) Working-1 Direct Material Direct Labor Manufacturing Ovh (88% of Labor) Total A20 37940 19700 17336 74976 A21 44320 22200 19536 86056 A23 40470 26300 23144 89914 122730 68200 60016 250946

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