Description
ACME Manufacturing uses a job order cost system. The following data summarize the operations related to production for October: Word document works is to be used.
a. Materials purchased on account, $20,000.
b. Materials requisitioned, $13,000, of which $1,000 was for general factory use.
c. Factory labor used, $27,800, of which $9,500 was indirect.
d. Costs incurred on account for factory overhead, $5,000.
e. Depreciation of factory equipment, $3,700.
f. Overhead applied to production using a predetermined overhead rate of $24.50 per direct labor hour; direct labor hours used, 780.
g. Jobs completed, $38,000.
h. Cost of goods sold, $32,000.
Task: Record the journal entries for the summarized operations below. Replace MMM with the Month, DD with the Day, and the Xs with amounts:
a. MMM DD Materials XX,XXX
Accounts Payable XX,XXX
b. DD Work in Process XX,XXX
Factory Overhead X,XXX
Materials XX,XXX
c. DD Work in Process XX,XXX
Factory Overhead X,XXX
Wages Payable XX,XXX
d. DD Factory Overhead X,XXX
Accounts Payable X,XXX
e. DD Factory Overhead X,XXX
Accumulated Depreciation—Equipment X,XXX
f. DD Work in Process XX,XXX
Factory Overhead XX,XXX
g. DD Finished Goods XX,XXX
Work in Process XX,XXX
h. DD Cost of Goods Sold XX,XXX
Finished Goods XX,XXX
