Answered step by step
Verified Expert Solution
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started