Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Purchased raw materials on account for $120,600. b. Issued $115,000 in raw materials to production ($22,000 were not traceable to specific jobs). c. Incurred

a. Purchased raw materials on account for $120,600.
b. Issued $115,000 in raw materials to production ($22,000 were not traceable to specific jobs).
c. Incurred $100,639 in direct labor costs (14,377 hours) and $60,900 in supervision costs (paid in cash).
d.

Incurred the following additional manufacturing overhead costs: factory lease $23,400 (paid in cash); depreciation on equipment $18,200; custodial supplies $7,100 (paid in cash).

e.

Incurred the following nonmanufacturing costs, both paid in cash: advertising $73,400; sales commissions $87,700.

f. Applied manufacturing overhead to jobs in process at a rate of $10 per direct labor hour.
g. Completed jobs costing a total of $343,100.
h. Sold jobs for $425,900 on account. The cost of the jobs was $340,200.
i. Closed the Manufacturing Overhead account balance.

Prepare the journal entries to record these transactions. (Omit the "$" sign in your response.)

Event General journal Debit Credit
a.
b.
c.
d.
e.
f.
g.
h.
i.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bank Management Text And Cases

Authors: George H. Hempel, Alan B. Coleman, Donald G. Simonson

3rd Edition

ISBN: 0471621781, 978-0471621782

More Books

Students also viewed these Accounting questions