Exercise 15-8 Enos Printing Corp. uses a job order cost system. The following da
ID: 2529114 • Letter: E
Question
Exercise 15-8 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: Job Number A20 A21 A22 A23 General factory use Materials 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 manually.)Explanation / Answer
Answer:-
No.
Account Titles and Explanation
Debit
Credit
1.
Raw Materials Inventory
$197,000
Accounts Payable
$197,000
(To record materials purchases)
Factory Labor
$93,200
Factory Wages Payable
$93,200
(To record factory wages)
2.
Work in Process Inventory
$159,928
Manufacturing Overhead
$5,170
Raw Materials Inventory
$165,100
(To record materials put into production)
Work in Process Inventory
$85,300
Manufacturing Overhead
$7,900
Factory Labor
$93,200
(To record labor put into production)
3.
Manufacturing Overhead
$49,800
Accounts Payable
$49,800
4.
Manufacturing Overhead
$16,650
Accumulated Depreciation-Equipment
$16,650
5.
Depreciation Expense
$14,400
Accumulated Depreciation-Buildings
$14,400
6.
Work in Process Inventory
$75,064
Manufacturing Overhead
$75,064
7.
Finished Goods Inventory
$2,50,946
Work in Process Inventory
$2,50,946
Job
Direct Material
Direct Labor
.Manufacturing Overhead
.Total
A20
37940
19700
17336
74976
A21
44320
22200
19,536
86056
A23
40470
26300
23,144
89914
Total
250946
No.
Account Titles and Explanation
Debit
Credit
1.
Raw Materials Inventory
$197,000
Accounts Payable
$197,000
(To record materials purchases)
Factory Labor
$93,200
Factory Wages Payable
$93,200
(To record factory wages)
2.
Work in Process Inventory
$159,928
Manufacturing Overhead
$5,170
Raw Materials Inventory
$165,100
(To record materials put into production)
Work in Process Inventory
$85,300
Manufacturing Overhead
$7,900
Factory Labor
$93,200
(To record labor put into production)
3.
Manufacturing Overhead
$49,800
Accounts Payable
$49,800
4.
Manufacturing Overhead
$16,650
Accumulated Depreciation-Equipment
$16,650
5.
Depreciation Expense
$14,400
Accumulated Depreciation-Buildings
$14,400
6.
Work in Process Inventory
$75,064
Manufacturing Overhead
$75,064
7.
Finished Goods Inventory
$2,50,946
Work in Process Inventory
$2,50,946
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