24.

PLEASE PLEASE HELP, THANK U

Prepare summary journal entries to record the following transactions for a company in its first month of operations. 24 12 points a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37,000. Indirect materials used in production, $12,000. c. Paid cash for factory payroll, $35,000. Of this total, $25,000 is for direct labor and $10,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $50,470. 91. Jobs that had a cost of $50,470 were sold. g2. Sold jobs on account for $72,100. 02:08:52 View transaction list Journal entry worksheet Record raw materials purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. View transaction list 24 1 Record raw materials purchased on account. > 2 12 points Record the entry to assign costs of direct materials used. 3 Record the entry for indirect materials. 2 02:08:26 4 Record the usage of direct and indirect labor, paid in cash. Credit 5 Record other actual overhead costs, paid in cash. 6 Record the entry to apply overhead at a rate of 120% of direct labor cost. 7 Record costs of jobs completed. Note : = journal entry has been entered Record entry Clear entry View general Journal View transaction list 24 3 Record the entry for indirect materials. > 12 points 4 Record the usage of direct and indirect labor, paid in cash. 8 02:08:19 5 Record other actual overhead costs, paid in cash. 6 Record the entry to apply overhead at a rate of 120% of direct labor cost. Credit 7 Record costs of jobs completed. 8 Record the cost of the jobs sold. 9 Record sales on account. Note : = journal entry has been entered Record entry Clear entry View general journal Mc Graw