Cost accounting Cornerstone 3rd edtion by Hansen , Don R

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salazar company completed the following transactions with respect to its manufacturing operations during October 2016:

A. Materials costing $140,000 and indirect materials costing $16,800 were purchased on account.

Assume indirect materials was debited to materials .

B. A total of $70,000 of materials was requisitioned to the factory for manunfacturing opreations conducted during October.

C. Manufacturing payroll for the month of consisted of 2,000 hours of direct labor and 500 hours of indirect labor, both at $14 per hour.

D. Indirect materails costing $7,000 were requisitioned.

E. Depreciation on the factory building and equipment was $14,000.

F. Miscellaneous factory overhead expenses totaled $5,600 for October.

G. Factory overhead cost was applied to workl in process at the rate of 125 percent of direct labor cost.

H. Units of product with a total manufacturing cost of $84,000 were completed and transferred to the finisned goods warehouse.

I. Finished goods costing $49,000 were sold during October for $77,000 cash.

Reguired:

prepare journal entires for each of the transactions that occured during October 2016.