Problem-Solving Strategy Entries for Costs in a Job Order Cost System GIA Co. us
ID: 2590026 • Letter: P
Question
Problem-Solving Strategy Entries for Costs in a Job Order Cost System GIA Co. uses a job order cost system. The following da August: a. Materials purchased on account, $591,230 b. Materials requisitioned, $496,630, of which $64,560 was for general factory use. c. Factory labor used, $608,970, of which $115,700 was indirect. e. Prepaid expenses expired for factory overhead were $27,200; for selling expenses, $23,060; and for administrative expenses, $16,550 f. Depreciation of office building was $79,220; of office equipment, $40,200; and of factory equipment, $27,200. er costs incurred on account were for factory overhead, $141,900; selling expenses, $218,760; and administrative expenses, $130,070 9. Factory overhead costs applied to jobs, $337,000 h. Jobs completed, $780,420. L Cost of goods sold, $756,770. Required ire an entry, leave it blank or enter "o" Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not requ a. Materials purchased on account, $591,230 Description Debit Credit Entry Select Select b. Materials requisitioned, $496,630, of which $64,560 was for general factory use Description Debit Credit ntry b. Select Select Factory labor used, $608,970, of which $115,700 was indirect. c. Entry Description Debit Credit Select Select Select
Explanation / Answer
Date Accounting titles & Explanations Debit Credit a. Raw materials inventory 591,230 accounts payable 591,230 b. Work in process inventory 432,070 Factory overhead 64,560 Raw materials invnetory 496,630 c. Work in process inventory 493,270 Factory overhead 115,700 Factory payroll 608,970 d. Factory overhead 141,900 selling expense 218,760 Administrative expense 130,070 cash 490,730 e. Factory overhead 27,200 selling expense 23,060 Administrative expense 16,550 prepaid expense 66,810 f. Depreciation expense-office buidling 79,220 Depreciation expense-office equipment 40,200 factory overhead 27,200 Accumulated Depreciation 146,620 g. Work in process 337,000 Factory overhead 337,000 h. Finished goods invnetory 780,420 Work in process inventory 780,420 i. Cost of goods sold 756,770 Finished goods inventory 756,770
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