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Using a job order costing system give the entries to record the following transactions: Job Order transactions for Smith & Kerns Co. Journalize the...

1. Using a job order costing system give the entries to record the following transactions: Job Order transactions for Smith & Kerns Co. Journalize the following entries: a) Material purchased on account, $71,500. b) Materials requisitioned for use in production: direct materials, $42,700; indirect materials, $5,750. c) Manufacturing labor incurred on account, $39,500. d) Manufacturing labor allocation: 75% direct labor; 25% indirect labor. e) Depreciation on factory equipment, $4,000. f) Prepaid expenses expired relating to manufacturing operations, $6,300. g) Other miscellaneous factory costs incurred on account, $21,000. h) Manufacturing overhead is allocated at 110% of direct labor cost. i) Cost of jobs completed is $94,000. j) Jobs sold to customers on account: cost of jobs, $77,000; sales price, $145,000. Transactions for the Splatter Paint Co.; Splatter uses the process cost system; journalize the following entries: a) Materials purchased on account, $340,100. b) Materials requisitioned for use: Binders and Solvents – Mixing Dept. $202,500 Resins – Blending Dept. 49,700 Indirect materials – Mixing Dept. 5,200 Indirect materials – Blending Dept. 1,950 c) Labor used: Direct Labor – Mixing Dept. 142,400 Direct Labor – Blending Dept. 94,000 Indirect Labor – Mixing Dept. 25,300 Indirect Labor- Blending Dept. 38,400 d) Depreciation charged on fixed assets: a. Mixing Dept. 26,500 b. Blending Dept. 14,725 e) Expired prepaid factory insurance: a. Mixing Dept. 1,300 b. Blending Dept. 1,900 f) Applied factory overhead: a. Mixing Dept. 58,300 b. Blending Dept. 56,975 g) Production costs transferred from Mixing Dept. to Blending Dept. 476,000 h) Production costs transferred from Blending Dept. to Finished Goods 698,100 i) Cost of goods sold during the period 711,450 j) Sold products to Williams Paint Distributors 769,500

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