Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bramble Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. Purchased raw materials on account $52,700. Raw Materials of $42,700 were requisitioned
Bramble Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. Purchased raw materials on account $52,700. Raw Materials of $42,700 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,600 was classified as indirect materials. Factory labor costs incurred were $67,600. Time tickets indicated that $55,500 was direct labor and $12,100 was indirect labor. Manufacturing overhead costs incurred on account were $81,800. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $90,500 were completed and transferred to finished goods. Finished goods costing $78,000 to manufacture were sold. 8. Record the transactions. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Raw Materials Inventory Manufacturing Costs Factory Labor Manufacturing Overhead Work in Process Inventory Finished Goods Inventory Cost of Goods Sold $ Purchased raw 1. materials $ $ $ $ $ 2. Direct materials 2. Indirect materials Incurred factory 3. labor 4. Direct labor 4. Indirect labor Overhead costs 5. incurred 6. Assigned overhead 7. Completed goods 8. Goods sold
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