JamJee Enterprises uses a job costing system.Record the following transactions in JamJee Enterprise's general journal for the current month:
a.Purchased raw materials on account, $49,000.
b.Requisitioned $25,200 of direct materials and $3,400 of indirect materials for use in production.
c.Factory payroll incurred, $54,000; 70% direct labour, 30% indirect labour.
d.Recorded depreciation expense factory equipment $9,200, and other manufacturing overhead of $26,870 (credit accounts payable).
e.Allocated manufacturing overhead costs based on 120% of direct labour cost.
f.Cost of completed production for the current month, $95,800.
g.Cost of finished goods sold, $79,000; selling price, $115,000 (all sales on account).

Question

Quizplus · Accepted Answer

The Answer of JamJee Enterprises uses a job costing system.Record the following transactions in JamJee Enterprise's general journal for the current month:
a.Purchased raw materials on account, $49,000.
b.Requisitioned $25,200 of direct materials and $3,400 of indirect materials for use in production.
c.Factory payroll incurred, $54,000; 70% direct labour, 30% indirect labour.
d.Recorded depreciation expense factory equipment $9,200, and other manufacturing overhead of $26,870 (credit accounts payable).
e.Allocated manufacturing overhead costs based on 120% of direct labour cost.
f.Cost of completed production for the current month, $95,800.
g.Cost of finished goods sold, $79,000; selling price, $115,000 (all sales on account).

JamJee Enterprises Uses a Job Costing System