Taylor Manufacturing Company uses the perpetual inventory system to record transactions related to its manufacturing inventories. The
Question:
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.
Step by Step Answer:
Managerial Accounting For Undergraduates
ISBN: 9780357499948
2nd Edition
Authors: James Wallace, Scott Hobson, Theodore Christensen