KL Company Uses a Job Order Costing System

question 10

Essay

KL Company uses a job order costing system. During the month of July, the following events occurred:
(a) Purchased raw materials on credit, $32,000.
(b) Raw materials requisitioned: $25,800 as direct materials and $10,500 indirect materials.
(c) Assigned the factory payroll totaling $37,700, which includes $8,200 indirect labor, to jobs and overhead.
Make the necessary journal entries to record the above transactions and events.

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Definitions:

District Court

is a type of court of the United States federal court system, where trials and lawsuits are initially filed and heard.

In Personam Jurisdiction

The power of a court to require that a party (usually the defendant) or a witness come before the court; extends to the state’s borders in the state court system and across the court’s geographic district in the federal system. Also called personal jurisdiction and jurisdiction in personam.

Internet Transactions

Business or financial transactions conducted online, typically involving the buying and selling of goods or services.

Federal Statutory Law

Laws enacted by the United States Congress that apply to the entire country and are recorded in the United States Code.