Job Order Costing
Memorial Graphs uses a job-order cost system. The following data summarize the operations related to production in September. Assume 0 starting balances.
a. Materials purchased for cash: $500,000
b. Materials requisitioned and factory labor used:
|
Job
|
Materials
|
Factory Labor
|
|
501
|
$32,100
|
$28,000
|
|
502
|
33,000
|
36,500
|
|
503
|
37,050
|
18,700
|
|
504
|
66,500
|
42,000
|
|
For General Factory Use
|
9,600
|
37,000
|
c. Factory overhead costs incurred on account $20,000
d. Depreciation of machinery and equipment $24,000
e. The predetermined factory overhead rate is $25 per machine hour. Machine hours used are listed below:
a. 501: 215
b. 502: 230
c. 503: 165
d. 504: 270
f. Jobs completed are 501, 502, 503.
g. Jobs were shipped and customers were billed as follows:
• 501: $400,000
• 502: $410,000
REQUIRED: Using the Exercise Template Ext journalize the required entries to record the above summarized operations.
Attachment:- Exercise-Template.rar