I need help with these Entries: for Costs in a Job Order Cost System (E.) Prepai
ID: 2484716 • Letter: I
Question
I need help with these Entries: for Costs in a Job Order Cost System
(E.) Prepaid Expenses expired for factory overhead were $25,700; for selling expenses, $21,790; and for administrative expenses, $15,640. (4 entries required)
(F.)Depreciation of office building was $74,870; of office equipment,$37,990; and of factory equipment,$25,700 (4 entries required)
(G) Factory overhead costs applied to jobs, $318,480 (2 entries required)
(H) Jobs Completed, $737,520 (2 Entries Required)
(I) Cost of Goods Sold, $715,170 (2 Entries Required)
Explanation / Answer
Solution:
(E).
Factory Overhead 25,700
Selling Expencess 21,790
Administration Exp 15,640
Prepaid Expencess 63,130
(F).
Office Building Exp 74,870
Office Equipment Exp 37,990
Factory Equipment 25,700
Depreciation Expencess 1,38,560
(G).
Work-in Proces 3,18,480
Factory Overhead Exp 3,18,480
(H).
Finished Goods 7,37,520
Work-in Process 7,37,520
(I).
Cost of Goods Sold 7,15,170
Finished Goods 7,15,170