### Flowchart of a typical job order system

Assignment Help Managerial Accounting
##### Reference no: EM13336671

Question 1:

Knox Company begins operations on January 1. Because all work is done to customer specifications, the company decides to use a job order cost system.

Prepare a flowchart of a typical job order system with arrows showing the flow of costs. Identify the eight transactions.

Question 2: During January, its first month of operations, Knox Company accumulated the following manufacturing cost: Raw materials $4,000 on account, Factory labor$6,000 of which $5,200 relates to factory wages payable and$800 relates to payroll taxes payable, and utilities payable $2,000. Prepare separate journal entries for each type of manufacturing cost. Question 3: In January, Knox Company requisitions raw materials for production as follows: Job 1$900, Job 2 $1,400, Job 3$700, and general factory use $600. Prepare a summary journal entry to record raw materials used. Question 4: The gross earnings of the factory workers for Vargas Company during the month of January are$66,000. The employer's payroll taxes for the factory payroll are $8,000. The fringe benefits to be paid by the employer on this payroll are$6,000. Of the total accumulated cost of factory labor; 85% is related to direct labor and 15% is attributable to indirect labor.

Instructions

(a) Prepare the entry to record the factory labor costs for the month of January.

(b) Prepare the entry to assign factory labor to production.

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