Assignment Details

ARC Fa$24$ ACCT $311$ LEC $19271$ Halle

ET Mag Wheels of Benicia, California had the

following transactions during the month of

July $2023$:

Purchased raw materials on account, $$91,605.$

Raw Materials of $$76,050$ were requisitioned

to the factory. An analysis of the materials

requisition slips indicated that $$5,050$ was

classified as indirect materials.

Factory labor costs incurred were $$188,900$

of which $$161,510$ pertained to factory wages

payable and $$27,390$ pertained to employer

payroll taxes payable.

Time tickets indicated that $$173,400$ was

direct labor and $$15,500$ was indirect labor.

Overhead costs incurred on account were

$$249,400$

Manufacturing overhead was applied at the

rate of $140\%$ of direct labor cost.

Goods costing $$52,525$ are still incomplete at

the end of the month; the other goods were

completed and transferred to finished goods.

Finished goods costing $$65,620$ to

manufacture were sold on account for

$$106,800.$

At the beginning of July, work in process

inventory was $$66,645.$

Calendar

To Do

Notifications

Inbox