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Journalize the required entries to record

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Reference no: EM131207891

Job Order Costing

Memorial Graphs uses a job-order cost system. The following data summarize the operations related to production in September. Assume 0 starting balances.
a. Materials purchased for cash: $500,000

b. Materials requisitioned and factory labor used:

Job

Materials

Factory Labor

501

$32,100

$28,000

502

33,000

36,500

503

37,050

18,700

504

66,500

42,000

For General Factory Use

9,600

37,000

c. Factory overhead costs incurred on account $20,000

d. Depreciation of machinery and equipment $24,000

e. The predetermined factory overhead rate is $25 per machine hour. Machine hours used are listed below:
a. 501: 215
b. 502: 230
c. 503: 165
d. 504: 270

f. Jobs completed are 501, 502, 503.

g. Jobs were shipped and customers were billed as follows:
• 501: $400,000
• 502: $410,000

REQUIRED: Using the Exercise Template Ext journalize the required entries to record the above summarized operations.

Attachment:- Exercise-Template.rar

Reference no: EM131207891

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