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Preparation of Summary Journal Entries for a Company
Question
GIVEN: Example Manufacturing Company uses a job order costing system. The following information summarizes its operations related to production for January, its first month of operations.
A. Purchased production materials on account, $85,000.
B. Production materials of $90,000 were requisitioned to the factory for the five jobs started in January and for general factory use as follows:
|
Job |
Materials |
|
Job No. 1001 |
$15,000 |
|
Job No. 1002 |
14,000 |
|
Job No. 1003 |
11,800 |
|
Job No. 1004 |
20,200 |
|
Job No. 1005 |
22,000 |
|
General factory use |
7,000 |
|
|
$90,000 |
C. Factory labor costs of $71,000 were incurred. The employee time tickets provided the following:
|
Job |
Factory Labor |
|
Job No. 1001 |
$ 10,000 |
|
Job No. 1002 |
11,750 |
|
Job No. 1003 |
10,250 |
|
Job No. 1004 |
14,800 |
|
Job No. 1005 |
18,200 |
|
General factory use |
6,000 |
|
|
$71,000 |
D. Factory overhead is allocated to jobs at a rate of $50 per machine hour. Machine hours used were:
|
Job |
Machine Hours |
|
Job No. 1001 |
105 |
|
Job No. 1002 |
110 |
|
Job No. 1003 |
95 |
|
Job No. 1004 |
150 |
|
Job No. 1005 |
120 |
|
|
580 |
E. Depreciation on the factory machinery and equipment was $6,500.
F. Factory overhead costs incurred on account were $9,800.
G. Jobs 1001, 1002 and 1004 were completed.
H. Jobs 1001 and 1002 were shipped and the customers were billed $100,000 for job 1001 and $111,000 for job 1002.
Prepare summary journal entries for information a through h given above.
Summary
This question belongs to accounting and discusses about summarizing manufacturing costs, journal entries, inventory, cost of goods sold and profit of a company based on the given data.
Total word count: 54
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