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Can you please show the Journal Entries for these transactions? Thanks in advance! 1. Purchased $210,000 of raw materials on account on October 3. 2.
Can you please show the Journal Entries for these transactions? Thanks in advance!
1. Purchased $210,000 of raw materials on account on October 3. 2. Used a total of $178,000 of direct materials in the production of Jobs 225 and 226, recorded on materials requisitions dated October 6. 3. Incurred $12,000 of indirect materials costs, supported by materials requisitions, on October 7. 4. Incurred direct labor cost of $90,000, supported by time tickets dated October 10. 5. Other factory overhead costs incurred during the month of October, $70,000 (credit Accounts Payable). 6. The company applies manufacturing overhead cost to production on the basis of $8 per machine-hour. A total of 30,000 machine-hours were recorded for October. 7. Production orders costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods. 8. Production orders that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 25% above cost. Note: transactions 5, 6, 7, and 8 should all be recorded as of October 31Step by Step Solution
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