Order and get a quality paper on time
Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter?s production. 1.Materials purchased on account $192,000, and factory wages incurred $87,300. 2.Materials requisitioned and factory labor used by job: Job NumberMaterialsFactory Labor A20$35,240$18,000 A2142,92022,000 A2236,10015,000 A2339,27025,000 General factory use4,4707,300 $158,000$87,300 3.Manufacturing overhead costs incurred on account $49,500. 4.Depreciation on factory equipment $14,550. 5.Depreciation on the company?s office building was $14,300. 6.Manufacturing overhead rate is 90% of direct labor cost. 7.Jobs completed during the quarter: A20, A21, and A23. Prepare entries to record the operations summarized above.(Credit account titles are automatically indented when amount is entered. Do not indent manually.) No.Account Titles and ExplanationDebitCredit (1)Raw Materials Inventory192,000 Accounts Payable192,000 (To record materials purchases) Factory Labor87,300 Factory Wages Payable87,300 (To record factory wages) (2)Work in Process Inventory153,530 Manufacturing Overhead4,470 Raw Materials Inventory158,000 (To record materials put into production) Work in Process Inventory80,000 Manufacturing Overhead7,300 Factory Labor87,300 (To record labor put into production) (3)Manufacturing Overhead49,500 Accounts Payable49,500 (4)Manufacturing Overhead14,550 Accumulated Depreciation-Equipment14,550 (5)Depreciation Expense14,300 Accumulated Depreciation-Buildings14,300 (6)Work in Process Inventory72,000 Manufacturing Overhead72,000 (7)Finished Goods Inventory Work in Process Inventory
0 comments