Oca Karen ma chi n Ernestore ACCOUNTING Juan llau Problem (52 Points) Royal Tech
ID: 2537816 • Letter: O
Question
Oca Karen ma chi n Ernestore ACCOUNTING Juan llau Problem (52 Points) Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $50,000. b. Materials requisitioned, $22,000, of which $11,000 was for general factory use. c. Factory labor used, $30,000, of which $15,000 was indirect. d. Other costs incurred on account for factory overhead, $12.000; selling expenses, $5,000; and administrative expenses, $174,570. . Prepaid expenses expired for factory overhead were $24,000; for selling expenses, $18,000; and for administrative expenses, $16,000. Depreciation of factory equipment was $22,000; of office equipment, $18,000; and of office bulding, $16,000. Factory overhead costs applied to jobs, $36,000. Jobs completed, $50,000. Cost of goods sold, $25,000.Explanation / Answer
No Accounting titles & Explanations Debit Credit a) Raw materials inventory 50,000 Accounts payable 50,000 b Work In process inventory 11,000 Factory overhead 11,000 Raw materials inventory 22,000 c) Work In process inventory 15,000 Factory overhead 15,000 Factory wages payable 30,000 d) Factory overhead 12,000 Selling expense 5,000 Administrative expense 174,570 Accounts payable 191,570 e) Factory overhead 24,000 Selling expense 18,000 Administrative expense 16,000 Prepaid expense 58,000 f) Factory overhead 22,000 depreciation expense-office equipment 18,000 depreciation expense-office building 16,000 Accumulated depreciation 56,000 g) Work in process inventory 36,000 Factory overhead 36,000 h) Finished goods 50,000 work in process inventory 50,000 i) Cost of goods sold 25,000 Finished goods 25,000
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