ET Mag Wheels of Benicia, California had the following transactions during the month of July 2 0
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Question:
ET Mag Wheels of Benicia, California had the following transactions during the month of July :
Purchased raw materials on account, $
Raw Materials of $ were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ was classified as indirect materials.
Factory labor costs incurred were $ of which $ pertained to factory wages payable and $ pertained to employer payroll taxes payable.
Time tickets indicated that $ was direct labor and $ was indirect labor.
Overhead costs incurred on account were $
Manufacturing overhead was applied at the rate of of direct labor cost.
Goods costing $ are still incomplete at the end of the month; the other goods were completed and transferred to finished goods.
Finished goods costing $ to manufacture were sold on account for $
At the beginning of July, work in process inventory was $
Instructions:
Journalize in proper journal entry form, the above transactions for ET Mag Wheels for the month of July # Enter all journal entires that affected "Work in Process" onto a Work in process T account when doing
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: