JamJee Enterprises Uses a Job Costing System

question 46

Essay

JamJee Enterprises uses a job costing system.Record the following transactions in JamJee Enterprise's general journal for the current month:
a.Purchased raw materials on account, $49,000.
b.Requisitioned $25,200 of direct materials and $3,400 of indirect materials for use in production.
c.Factory payroll incurred, $54,000; 70% direct labour, 30% indirect labour.
d.Recorded depreciation expense factory equipment $9,200, and other manufacturing overhead of $26,870 (credit accounts payable).
e.Allocated manufacturing overhead costs based on 120% of direct labour cost.
f.Cost of completed production for the current month, $95,800.
g.Cost of finished goods sold, $79,000; selling price, $115,000 (all sales on account).

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Definitions:

Aggregate Consumption

The total amount of goods and services consumed in an economy over a specified period.

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Factors or motivations that influence individuals to participate in the voting process during elections.

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Federal Government Spending

The expenditure of the central government on goods, services, and obligations, including defense, education, and welfare.