Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: July 1 Materials purchased on account, $225,750
2 Materials requisitioned, $217,600, of which $17,600 was for general factory use
31 Factory labor used, $680,000, of which $72,300 was indirect.
31 Other costs incurred on account for factory overhead, $330,000; selling expenses, $180,000; and administrative expenses, $126,000
31 Prepaid expenses expired for factory overhead, $27,500; for selling expenses, $8,100; and for administrative expenses, $5,250
31 Depreciation of office building was $44,500; of office equipment, $16,800; and of factory equipment, $55,100
31 Factory overhead costs applied to jobs, $548,000
31 Jobs completed, $1,140,000
31 Cost of goods sold, $1,128,000

Required:
Journalize the entries to record the summarized operations.

Answer and Explanation:

The journal entries are given below:

a.  Materials   $225,750

        To Accounts Payable  $225,750

(Being material purchased on account is recorded)

b.  Work in Process   $200,000

    Factory Overhead  $17,600

             Materials  $217,600

(Being requisitioned of the material is recorded)

c.  Work in Process  $607,700

Factory Overhead  $72,300

         Wages Payable  $680,000

(Being wages payable is recorded)

d.  Factory Overhead   $330,000

  Selling Expenses   $180,000

  Administrative Expenses  $126,000

               Accounts Payable   $636,000

(Being account payable is recorded)

e. Factory Overhead  $27,500

   Selling Expenses   $8,100

   Administrative Expenses  $5,250

         To Prepaid Expenses  $40,850

(Being prepaid expense expired is recorded)

f.  Depreciation Expense- Office Building   $44,500

   Depreciation Expense- Office Equipment  $16,800

   Factory Overhead  $55,100

           Accumulated Depreciation - Building & equipment $116,400

(Being the depreciation expense is recorded)

g.  Work in Process  $548,000

           Factory Overhead  $548,000

(Being work in process is recorded)

h.  Finished Goods  $1,140,000

         Work in Process  $1,140,000

(Being job completed is recorded)

i.  Cost of Goods Sold  $1,128,000

           Finished Goods  $1,128,000

(Being cost of goods sold is recorded)

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