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)
Raw Materials Inventory
192,000
Accounts Payable
192,000
(To record materials purchases)
Factory Labor
87,300
Factory Wages Payable
87,300
(To record factory wages)
(2)
Work in Process Inventory
153,530
Manufacturing Overhead
4,470
Raw Materials Inventory
158,000
(To record materials put into production)
Work in Process Inventory
80,000
Manufacturing Overhead
7,300
Factory Labor
87,300
(To record labor put into production)
(3)
Manufacturing Overhead
49,500
Accounts Payable
49,500
(4)
Manufacturing Overhead
14,550
Accumulated Depreciation-Equipment
14,550
(5)
Depreciation Expense
14,300
Accumulated Depreciation-Buildings
14,300
(6)
Work in Process Inventory
72,000
Manufacturing Overhead
72,000
(7)
Finished Goods Inventory
Work in Process Inventory
