b Order CostingMemorial Graphs uses a job-order cost system.
ob Order CostingMemorial Graphs uses a job-order cost system. The following data
summarize the operations related to production in September. Assume 0 starting balances.
- Materials purchased for cash: $500,000
- 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 |
- Factory overhead costs incurred on account $20,000
- Depreciation of machinery and equipment $24,000
- The predetermined factory overhead rate is $25 per machine hour. Machine hours used are listed below:
- 501: 215
- 502: 230
- 503: 165
- 504: 270
- Jobs completed are 501, 502, 503.
- Jobs were shipped and customers were billed as follows:
- 501: $400,000
- 502: $410,000
REQUIRED: Using the Lesson 3 Exercise Template XLS Excel document, journalize the required entries to record the above summarized operations.
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