EX 19-1 Transactions in a job order cost system

Five selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system:


Materials
(a)
Work in Process
(a)
(b)
(c)
(d)
Wages Payable
(b)
Finished Goods
(d) (e)
Factory Overhead Cost of Goods Sold
(a) (e)
(b)



Describe each of the five transactions


Answer:
a. Materials requisitioned for use (both direct and indirect).
b. Factory labor used (both direct and indirect).
c. Application of factory overhead costs to jobs.
d. Jobs completed.
e. Goods sold.