Austin Company had the following transactions in October: Purchased raw materials on account, $50,000 Used
Question:
• Purchased raw materials on account, $50,000
• Used materials in production: $20,000 in the Mixing Department; $5,000 in the Packaging Department; $900 in indirect materials
• Incurred labor costs: $8,000 in the Mixing Department; $3,500 in the Packaging Department; $2,400 in indirect labor
• Incurred manufacturing overhead costs: $9,000 in machinery depreciation; paid $2,900 for rent and $1,730 for utilities Prepare the journal entries for Austin Company.
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Date Accounts and Explanation Debit Credit Trans 1 Raw Materials Inventory 50...View the full answer
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Related Book For 
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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