ACCT 2302: CHAPTER 2 PROBLEMS Question #1 is worth 2 points and question #2 is worth 3 points. 1. Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. June 1 Purchased raw materials for $20,000 on account. 8 Raw materials requisitioned by production: Direct materials Indirect materials $8,000 1,000 15 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. 25 Incurred $108,000 of factory labor. 25 Time tickets indicated the following Direct Labor (7,000 hrs x $12 per hr) Indirect Labor (3,000 hrs > $8 per hr) $84,000 24,000 $108.000 25 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. 28 Goods costing $18,000 were completed in the factory and were transferred to finished goods. 30 Goods costing $15,000 were sold for $20,000 on account. S HISTORY 1302 ONLINE