Bonita 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 $197,000, and factory wages incurred $90,200.
2. Materials requisitioned and factory labor used by job:

Job Number Materials Factory Labor
A20 $38,240 $19,500
A21 44,120 22,200
A22 37,600 15,100
A23 41,870 25,800
General factory use 4,970 7,600
$166,800 $90,200

3. Manufacturing overhead costs incurred on account $51,000.
4. Depreciation on factory equipment $16,850.
5. Depreciation on the company’s office building was $15,300.
6. Manufacturing overhead rate is 80% of direct labor cost.
7. Jobs completed during the quarter: A20, A21, and A23.
Prepare a schedule showing the individual cost elements and total cost for each job in item 7.

Required:
Prepare entries to record the operations summarized above.

Journal entries

1) Debit Material $197,000 Credit Accounts Payable $197,000

 Debit Salaries Expense $90,200 Credit Salaries Payable $90,200

2) Debit Work in process $161,830 Credit Material $161,830

   Debit Work in process $82,600 Credit Salaries expense $82,600

   Debit Factory overhead $12,570 Credit Material $4,970 Credit Salaries $7,600

3) Debit Manufacturing overhead $51,000 Credit Accounts Payable $51,000

4) Debit Depreciation $16,850 Credit Accumulated Depreciation Factory Equipment $16,850

5) Debit Depreciation $15,300 Credit Accumulated Depreciation on Office building $15,300

6) Debit Work in process $66,080 Credit Manufacturing overhead $66,080

7) Debit Finished Goods $245,730 Credit Work in process $245,730

Cost Schedule

Details                           A20              A21          A23           TOTAL

Direct Material          38,240         44,120       41,870        124,230

Direct Labor             19,500          22,200     25,800         67,500

Applied overheads  15,600          17,760      20,640       54,000

                                                                                          $245,730

Explanation:

Material used = 38,240 + 44,120+37,600+41,870 = $161,830 work in process

Labor = 19,500+22,200+15,100+25,800 =82,600 work in process

Applied overheard = direct labor * 0.8

      A20= 19,500 *80%=15,600

     A21 = 22,200*80%=17,760

    A22 = 15,100*80%=12,080

    A23 =25,800 *80%=20,640

TOTAL = $66,080

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