JOURNAL ENTRIES IN A JOB ORDER COST ACCOUNTING SYSTEM
Record the following entries for Jen Manufacturing.
(ASK YOUR INSTRUCTOR FOR A JOURNAL FORM)
1. Purchased materials costing $20,000 on account.
2. Materials costing $13,000 were requisitioned for use in making specific customer jobs. An additional $1,000 in materials was requisitioned for general factory use.
3. $7,800 was paid to direct laborers. An additional $9,500 was paid to factory employees who do not work directly on Jen's products.
4. Factory overhead expenses totaling $5,000 were paid in cash.
5. $3,700 in depreciation was recorded on factory machines.
6. Overhead was applied to production using a predetermined rate of $24.50 per direct labor hour. Jen used 780 direct labor hours during the period.
7. Jobs costing $38,000 were completed.
8. Jobs costing $32,000 were sold to credit customers for $55,000.
Attachment:- Assignment Files.rar