Question
Can someone tell me what Im missing please! Prepare summary journal entries to record the following transactions for a company in its first month of
Can someone tell me what Im missing please!
Prepare summary journal entries to record the following transactions for a company in its first month of operations.
a. Raw materials purchased on account, $90,000. b. Direct materials used in production, $36,500. Indirect materials used in production, $19,200. c. Paid cash for factory payroll, $50,000. Of this total, $38,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $11,475. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $56,800. g1. Jobs that had a cost of $56,800 were sold. g2. Sold jobs on account for $82,000.
Answer is not complete. No Transaction General Journal Credit Debit 90,000 1 a. Raw materials inventory Accounts payable 90,000 2 b(1). 36,500 Work in process inventory Raw materials inventory 36,500 3 b(2) 19,200 Factory overhead Raw materials inventory 19,200 4 C. Work in process inventory Factory overhead Cash 38,000 12,000 50,000 5 d. 11,475 Factory overhead Cash 11,475 6 e. 47,500 Work in process inventory Factory overhead > 47,500 7 f. 56,800 Finished goods inventory Work in process inventory 56,800 8 g(1). Cost of goods sold 56,800
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