Business, 23.02.2021 04:50 jasminbeganovic141

Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $496,110. Materials requisitioned, $416,730, of which $54,170 was for general factory use. Factory labor used, $510,990, of which $97,090 was indirect. Other costs incurred on account for factory overhead, $119,070; selling expenses, $183,560; and administrative expenses, $109,140. Prepaid expenses expired for factory overhead were $22,820; for selling expenses, $19,350; and for administrative expenses, $13,890. Depreciation of factory equipment was $22,820; of office equipment, $33,740; and of office building, $66,480. Factory overhead costs applied to jobs, $282,780. Jobs completed, $654,870. Cost of goods sold, $635,020. Required:

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Answer from: sonaihriley

Question Completion:

Journalize the entries to record the summarized operations.

Royal Technology Company

Journal Entries:

Debit Materials $496,110

Credit Accounts Payable $496,110

To record the purchase of materials on account.

Debit Work in Process $362,560

Debit Factory Overhead $54,170

Credit Materials $416,730

To record materials requisitioned for production and general factory use.

Debit Work in Process $413,900

Debit Factory Overhead $97,090

Credit Factory labor $510,990

To record factory labor used in production.

Debit Factory Overhead $119,070

Debit Selling Expenses $183,560

Debit Administrative Expenses $109,140

Credit Accounts Payable $411,770

To record costs incurred on account.

Debit Factory Overhead $22,820

Debit Selling Expenses $19,350

Debit Administrative Expense $13,890

Credit Prepaid Expenses $56,060

To record expired prepaid expenses.

Debit Factory Overhead $22,820

Debit Depreciation Expense - Office Equipment $33,740

Debit Depreciation Expense - Office Building $66,480

Credit Depreciation Expenses $123,040

To allocate depreciation expenses.

Debit Work in Process $282,780

Credit Factory Overhead $282,780

To record overhead costs applied to jobs.

Debit Finished Goods Inventory $654,870

Credit Work in Process $654,870

To transfer completed jobs to the finished goods inventory.

Debit Cost of Goods Sold $635,020

Credit Finished Goods Inventory $635,020

To record the cost of goods sold.

Explanation:

Journal entries are made when a transaction is initially recorded. They show the accounts to be debited and the ones to be credited.

Answer from: Quest

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Answer from: Quest

answer: a. the kind of population living in your neighbourhood.

the census explorer data tool by the us census bureau allows the user to zoom in on any neighbourhood within the united states and find the kind of people residing in that by race and age.

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