Travis Manufacturing Company uses the perpetual inventory system to record transactions related to its manufacturing inventories. The
Question:
Travis Manufacturing Company uses the perpetual inventory system to record transactions related to its manufacturing inventories. The following transactions occurred during August 2019:
Aug. 5 Received \($4,500\) of materials and components that had been ordered on account.
7 Recorded the payroll: \($3,250\) of direct labor and \($750\) of indirect labor.
11 Sold on account product costing \($1,750\) for $2,600.
16 Completed product costing \($8,000\) and transferred it to the warehouse.
20 Requisitioned \($3,500\) of materials for use in the factory; \($2,950\) was used as direct materials and the remainder was used as indirect materials.
25 Applied \($5,000\) of manufacturing overhead cost to the product currently being worked on.
29 Paid \($200\) cash for a special material component that was shipped via overnight delivery.
31 Sold product costing \($500\) for \($850\) 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