Answered Essay: Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's productio

E2-8 Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarters 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 A20 A21 A22 A23 General factory use Materials s 35,240 42,920 36,100 39,270 4,470 $158,000 Factory Labor $18,000 22,000 15,000 25,000 7,300 $87,300 3. Manufacturing overhead costs incurred on account $49,500. 4. Depreciation on factory equipment $14,550 5. Depreciation on the companys office building was $14,300. 6. Manufacturing overhead rte is 90% of direct labor cost 7. Jobs completed during the quarter: A20, A21, and A23. Instructions Prepare entries to record the operations summarized above. (Prepare a schedule showin the individual cost elements and total cost for each job in item 7.)

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: 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. (Prepare a schedule showing the individual cost elements and total cost for each job in item 7.)

Expert Answer

 

S.NO General Description Debit $ Credit $
1 Raw Materials inventory 192000
    Accounts Payable 192000
(To record Material purchase)
Factory labor 87300
Factory wages payable 87300
(To record factory wages)
2 work in process inventory 153530
Manufacturing overhead 4470
         Raw Materials inventory 158000
(To record the material requisitioned)
3
work in process inventory 80000
Manufacturing overhead 7300
       Factory labor 87300
(to record the factory labor used)
4 Manufacturing overhead 49500
      Accounts payable 49500
(to record the purchase of manufacturing overhead on account)
5 Manufacturing overhead 14550
     Accumulated depreciation – equipment 14550
(to record the depreciation)
Depreciation expense 14300
    Accumulated depreciation – Buildings 14300
6 work in process inventory 72000 (80000*90%)
     Manufacturing overhead 72000
(To record manufacturing overhead rate at 90%)
7 Finished goods inventory 240300
    Work in process inventory 240300
See Notes below

Notes:

Job Materials Factory labor Manufacturing overhead Total
A20 35240 18000 16200 69440
A21 42290 22000 19800 84090
A23 39270 25000 22500 86770
240300
*Manufacturing overhead = Factory labor x 90%
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