Job Order Cost System-Journal Entries

question 77

Essay

Job order cost system-journal entries
Paxton Products, which uses a job order cost system, completed the following transactions during the current month:
(A) Materials costing $75,000 were used on various jobs.
(B) Time cards of direct workers indicate direct labor costs of $125,000 for the month.
(C) Overhead is applied to jobs at a rate of 75% of direct labor cost.
(D) Jobs with total accumulated costs of $165,000 were finished during the month.
(E) Units costing $210,000 were sold during the month at sales prices totaling $390,000. All sales were on account.
In the space provided, prepare a general journal entry for the month summarizing each of the above categories of transactions. Explanations may be omitted.

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Definitions:

Experimental Study Designs

Research methods that allow investigators to directly manipulate variables to investigate cause-and-effect relationships between variables.

Line of Best Fit

A straight line drawn through the center of a group of data points plotted on a scatter plot, used to analyze and predict the relationship between variables.

Correlational Study

A research method that examines the relationship between two or more variables to determine whether a change in one variable is associated with a change in another.

External Validity

The degree to which the findings of a study can be generalized to other situations, populations, or settings.