From the following transactions, prepare the appropriate general journal entries for the month of May: 1. Raw

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From the following transactions, prepare the appropriate general journal entries for the month of May:

1. Raw materials costing $77,000 were issued from the storeroom.

2. Direct labor of $50,000 was charged to production.

3. Supplies costing $7,200 were issued from the storeroom.

4. Indirect labor costs of $17,500 were incurred.

5. Rent of $3,400 and depreciation of $500 were charged to overhead.

6. Overhead was applied at 80% of direct labor dollars.

7. Completed products costing $60,000 were transferred to finished goods.

8. Products costing $37,000 were sold on account for $68,000.

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College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

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