The STU company uses a job order cost system. The following data summarize the operations...
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The STU company uses a job order cost system. The following data summarize the operations related to production for May: a) Materials purchased on account $634,000 b) Materials requisitioned, $646,200, of which $74,500 was for general factory use c) Factory labor used, $660,200, of which $91,200 was indirect d) Other costs incurred on account for factory overhead, $147,500; selling expenses, $234,000; and administrative expenses, $146,400 e) Prepaid expenses expired for factory overhead were $29,200; for selling expenses $26,800; and for administrative expenses, $18,000 f) Depreciation of office building was $84,600; of office equipment, $43,340; and of factory equipment, $32,000 g) Factory overhead costs applied to jobs, $362,000 h) Jobs completed $1,002,000 i) Cost of goods sold $890,000 j) Closing entry for factory overhead Required: Journalize the entries to record the transactions.
The STU company uses a job order cost system. The following data summarize the operations related to production for May:
a) Materials purchased on account $634,000
b) Materials requisitioned, $646,200, of which $74,500 was for general factory use
c) Factory labor used, $660,200, of which $91,200 was indirect
d) Other costs incurred on account for factory overhead, $147,500; selling expenses, $234,000; and administrative expenses, $146,400
e) Prepaid expenses expired for factory overhead were $29,200; for selling expenses $26,800; and for administrative expenses, $18,000
f) Depreciation of office building was $84,600; of office equipment, $43,340; and of factory equipment, $32,000
g) Factory overhead costs applied to jobs, $362,000
h) Jobs completed $1,002,000
i) Cost of goods sold $890,000
j) Closing entry for factory overhead
Required: Journalize the entries to record the transactions.
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