Lesson 1 Homework Assignment Complete and submit your work in an Excel file to the dropbox by the Lesson 1 Deadline. Below is the assignment: XYZ company uses a job order cost system. The following data summarize the operations related to production in July. Assume $0 starting balances. 1. Materials purchased for cash, $700,000 2. Materials requisitioned and factory labor used: Job Materials 601 $35, 100 602 603 604 For General Factory Use $35,000 $35,050 $62,500 $7,600 Factory Labor $25,000 $39,500 $15,700 $40,000 $35,000 3. Factory overhead costs incurred on account $30,000 4. Depreciation of machinery and equipment $20,000 5. The predetermined factory overhead rate is $27.00 per machine hour. Machine hours used are: Job 601: 230 MH 602: 250 MH 603: 185 MH 604: 280 MH 6. Jobs completed are 601, 602, 603 7. Jobs were shipped and customers were billed as follows: 601: $500,000 602: $480,000 REQUIRED: Joumalize the required entries to record the above summarized operations.

Lesson 1 Homework Assignment Complete and submit your work in an Excel file to the dropbox by the Lesson 1 Deadline. Below is the assignment: XYZ company uses a job order cost system. The following data summarize the operations related to production in July. Assume $0 starting balances. 1. Materials purchased for cash, $700,000 2. Materials requisitioned and factory labor used: 3. Factory overhead costs incurred on account $30,000 4. Depreciation of machinery and equipment $20,000 5. The predetermined factory overhead rate is $2700 per machine hour. Machine hours used are. Job 601: 230MH 602.250MH 603. 185MH 604: 280MH 6. Jobs completed are 601, 602, 603 7. Jabs were shipped and customers were billed as follows: 001:$500,000 6025480,000 REQUIRED: Joumalce the required entres to record the above summarized operations. Lesson 1 Homework Assignment Complete and submit your work in an Excel file to the dropbox by the Lesson 1 Deadline. Below is the assignment: XYZ company uses a job order cost system. The following data summarize the operations related to production in July. Assume $0 starting balances. 1. Materials purchased for cash, $700,000 2. Materials requisitioned and factory labor used: 3. Factory overhead costs incurred on account $30,000 4. Depreciation of machinery and equipment $20,000 5. The predetermined factory overhead rate is $2700 per machine hour. Machine hours used are. Job 601: 230MH 602.250MH 603. 185MH 604: 280MH 6. Jobs completed are 601, 602, 603 7. Jabs were shipped and customers were billed as follows: 001:$500,000 6025480,000 REQUIRED: Joumalce the required entres to record the above summarized operations