Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Raw materials purchased on account, $112,000. b. Direct materials used in production, $45,000. Indirect materials used in production, $20,200. c. Paid cash for factory

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
a. Raw materials purchased on account, $112,000. b. Direct materials used in production, $45,000. Indirect materials used in production, $20,200. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $6,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $75,720. g1. Jobs that had a cost of $75,720 were sold. g2. Sold jobs on account for $109,000. Journal entry worksheet 6789 Record other actual overhead costs, paid in cash. Note: Enter debits before credits. a. Raw materials purchased on account, $112,000. b. Direct materials used in production, $45,000. Indirect materials used in production, $20,200. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $6,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $75,720. g1. Jobs that had a cost of $75,720 were sold. g2. Sold jobs on account for $109,000. Journal entry worksheet a. Raw materials purchased on account, $112,000. b. Direct materials used in production, $45,000. Indirect materials used in production, $20,200. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $6,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $75,720. g1. Jobs that had a cost of $75,720 were sold. g2. Sold jobs on account for $109,000. Journal entry worksheet 456 7 8 9 Record the entry for indirect materials. Note: Enter debits before credits. Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $112,000. b. Direct materials used in production, $45,000. Indirect materials used in production, $20,200. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $6,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $75,720. g1. Jobs that had a cost of $75,720 were sold. g2. Sold jobs on account for $109,000. Journal entry worksheet a. Raw materials purchased on account, $112,000. b. Direct materials used in production, $45,000. Indirect materials used in production, $20,200. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $6,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $75,720. g1. Jobs that had a cost of $75,720 were sold. g2. Sold jobs on account for $109,000. Journal entry worksheet Record the entry to assign costs of direct materials used. Note: Enter debits before credits. a. Raw materials purchased on account, $112,000. b. Direct materials used in production, $45,000. Indirect materials used in production, $20,200. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $6,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $75,720. g1. Jobs that had a cost of $75,720 were sold. 92. Sold jobs on account for $109,000. Journal entry worksheet Record the entry to apply overhead at a rate of 120% of direct labor cost. Note: Enter debits before credits. a. Raw materials purchased on account, $112,000. b. Direct materials used in production, $45,000. Indirect materials used in production, $20,200. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $6,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $75,720. g1. Jobs that had a cost of $75,720 were sold. g2. Sold jobs on account for $109,000. Journal entry worksheet a. Raw materials purchased on account, $112,000. b. Direct materials used in production, $45,000. Indirect materials used in production, $20,200. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $6,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $75,720. g1. Jobs that had a cost of $75,720 were sold. g2. Sold jobs on account for $109,000. Journal entry worksheet a. Raw materials purchased on account, $112,000. b. Direct materials used in production, $45,000. Indirect materials used in production, $20,200. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $6,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $75,720. g1. Jobs that had a cost of $75,720 were sold. g2. Sold jobs on account for $109,000. Journal entry worksheet 16789 Note: Enter debits before credits

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_2

Step: 3

blur-text-image_3

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

Financial Accounting

Authors: Robert K. Eskew, Daniel L. Jensen

5th Edition

0070213550, 978-0070213555

More Books

Students also viewed these Accounting questions

Question

Understand the nature and importance of collective bargaining

Answered: 1 week ago