Question

Answer questions 1-4?

encing Inc. uses a job order cost system. The following data summarize the operations 11,840 related to production for March, the first month of operations: A. Materials purchased on account, $45,000. B. Materials requisitioned and factory labor used: LAL LEDGER Job Materials Factory Labor $2,500 301 $1,850 302 3,150 7,220 303 2,200 5,350 304 1,800 2,400 6,225 2,900 305 4,230 306 1,770 For general factory use 1,200 5,000 C. Factory overhead costs incurred on account, $1,800. D. Depreciation of machinery and equipment, $2,500. E. The factory overhead rate is $30 per machine hour. Machine hours used: Machine Hours Job 30 301 60 302 41 303 63 304 70 305 36 306 300 Total (Continued) We've updated our read aleud featurel Gveay here Aa

Answer 1

Journal entries:-

> Raw material A/c Dr 45000

To Cash A/c 45000.

> Job 301 A/c Dr 5500

To Raw Material A/c 1850

To Factory Labour A/c 2500

To Depreciation A/c 250 (2500*30/300)

To Factory Overhead A/c 900 (30*30)

> Job 301 Customer A/c Dr 8500

To Sales A/c 8500

> Job 302 A/c Dr 12670

To Raw Material A/c 3150

To Factory Labour A/c 7220

To Depreciation A/c 500 (2500*60/300)

To Factory Overhead A/c 1800 (60*30)

> Job 302 Customer A/c Dr 16150

To Sales A/c 16150

> Job 303 A/c Dr 9122

To Raw Material A/c 2200

To Factory Labour A/c 5350

To Depreciation A/c 342 (2500*41/300)

To Factory Overhead A/c 1230 (41*30)

> Job 303 Customer A/c Dr 13400

To Sales A/c 13400

> Job 304 A/c Dr 6615

To Raw Material A/c 1800

To Factory Labour A/c 2400

To Depreciation A/c 525 (2500*63/300)

To Factory Overhead A/c 1890 (63*30)

> Job 305 A/c Dr 13138

To Raw Material A/c 4230

To Factory Labour A/c 6225

To Depreciation A/c 583 (2500*70/300)

To Factory Overhead A/c 2100 (70*30)

> Job 306 A/c Dr 6050

To Raw Material A/c 1770

To Factory Labour A/c 2900

To Depreciation A/c 300 (2500*36/300)

To Factory Overhead A/c 1080 (36*30)

> General Factory Expenses A/c Dr 8000

To Raw Material A/c 1200

To Factory Labour A/c 5000

  To Factory Overhead A/c 1800   

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Balances at the end of the month:-

> Finished Goods (Unsold) - Job 305 - $ 13138

> Work in Process - Job 304 - $ 6615

- Job 306 - $ 6050