Reference no: EM132659635

Garnett 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 were $192,000, and factory wages incurred were $91,500.2.

2. Materials requisitioned and factory labour used by job were as follows:

Job Number        Materials            Factory Labour
A20                  $33,240                  $18,000
A21                 42,920                        24,000
A22                36,000                          17,000
A23                 41,250                          25,000
General factory use 4,450                       7500

3. Manufacturing overhead costs incurred on account were $59,500.

4. Depreciation on machinery and equipment was $14,550.

5. The manufacturing overhead rate is 80% of the direct labour cost.

6. Jobs completed during the quarter were A20, A21, and A23.

Problem 1: Prepare entries to record the operations summarized above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Problem 2: Prepare schedule showing the individual cost elements and total cost for each job in item 6.