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Materials Purchased On Account $192,000, And Factory Wages Incurred $87,300.
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 Number
Materials
Factory Labor
A20
$35,240
$18,000
A21
42,920
22,000
A22
36,100
15,000
A23
39,270
25,000
General factory use
4,470
7,300
$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 Explanation
Debit
Credit
(1)
Entry field with correct answer Raw Materials Inventory
Entry field with correct answer192,000
Entry field with correct answer
Entry field with correct answer Accounts Payable
Entry field with correct answer
Entry field with correct answer192,000
(To record materials purchases)
Entry field with correct answer Factory Labor
Entry field with correct answer87,300
Entry field with correct answer
Entry field with correct answer Factory Wages Payable
Entry field with correct answer
Entry field with correct answer87,300
(To record factory wages)
(2)
Entry field with correct answer Work in Process Inventory
Entry field with correct answer153,530
Entry field with correct answer
Entry field with correct answer Manufacturing Overhead
Entry field with correct answer4,470
Entry field with correct answer
Entry field with correct answer Raw Materials Inventory
Entry field with correct answer
Entry field with correct answer158,000
(To record materials put into production)
Entry field with correct answer Work in Process Inventory
Entry field with correct answer80,000
Entry field with correct answer
Entry field with correct answer Manufacturing Overhead
Entry field with correct answer7,300
Entry field with correct answer
Entry field with correct answer Factory Labor
Entry field with correct answer
Entry field with correct answer87,300
(To record labor put into production)
(3)
Entry field with correct answer Manufacturing Overhead
Entry field with correct answer49,500
Entry field with correct answer
Entry field with correct answer Accounts Payable
Entry field with correct answer
Entry field with correct answer49,500
(4)
Entry field with correct answer Manufacturing Overhead
Entry field with correct answer14,550
Entry field with correct answer
Entry field with correct answer Accumulated Depreciation-Equipment
Entry field with correct answer
Entry field with correct answer14,550
(5)
Entry field with correct answer Depreciation Expense
Entry field with correct answer14,300
Entry field with correct answer
Entry field with correct answer Accumulated Depreciation-Buildings
Entry field with correct answer
Entry field with correct answer14,300
(6)
Entry field with correct answer Work in Process Inventory
Entry field with incorrect answer now contains modified data72,000
Entry field with correct answer
Entry field with correct answer Manufacturing Overhead
Entry field with correct answer
Entry field with incorrect answer now contains modified data72,000
(7)
Entry field with correct answer Finished Goods Inventory
Entry field with incorrect answer
Entry field with correct answer
Entry field with correct answer Work in Process Inventory
Entry field with correct answer
Entry field with incorrect answer
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