Prepare the appropriate job cost system entries to record the data/events given below. Transaction information for the

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Question:

Prepare the appropriate job cost system entries to record the data/events given below.

Transaction information for the entry

1. Factory labor incurred, $110,000.

2. Direct labor charged to Job AA, $80,000.

3. Raw materials purchased on account, $180,000.

4. Direct materials charged to Job AA, $78,000.

5. Recorded the remaining factory labor as indirect labor related to Job AA

6. Manufacturing overhead incurred on account, $57,000.

7. Depreciation recognized on factory equipment, $30,000.

8. He charged Job AA for overhead at $1.25 for each dollar direct labor cost.

9. Recorded Completion of Work AA.

10. Recorded cost of sales for Work AA.

11. Proceeds recorded from the sale of Job AA on account, $425,000.

12. Assume that actual total overhead costs were $2,280,000 and applied total overhead costs were $2,230,000 for the year. Record the entry to close the Ministry of Health account and transfer the overhead applied over or under to the Cost of Goods Sold account.