Taylor Manufacturing Company uses the perpetual inventory system to record transactions related to its manufacturing inventories. The

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Taylor Manufacturing Company uses the perpetual inventory system to record transactions related to its manufacturing inventories. The following transactions occurred during March 2019:

Mar. 6 Recorded the payroll: \($5,000\) of direct labor and \($1,000\) of indirect labor.

8 Received \($7,000\) of materials and components that had been ordered on account.

10 Completed product costing \($11,000\) and transferred it to the warehouse. Requisitioned

\($2,500\) of materials for use in the factory; \($2,000\) was used as direct materials and the remainder was used as indirect materials.

12 Sold on account product costing \($1,500\) for $2,250.

15 Applied \($3,000\) of manufacturing overhead cost to the product currently being worked on.

21 Paid \($250\) cash for a special material component that was shipped via overnight delivery.

27 Sold product costing \($1,450\) for \($2,500\) cash.

Required Prepare general journal entries to record these transactions.

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Managerial Accounting For Undergraduates

ISBN: 9780357499948

2nd Edition

Authors: James Wallace, Scott Hobson, Theodore Christensen

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