Dream toys company manufactures video game consoles and accounts for product costs using process costing. The company uses a single processing department. The following information is avaialbe regarding its june inventories.

Beginning inventory

Raw material inventory-72,000

Work in process inventory-156,000

Finished goods inventory-160,000

Ending inventory-

Raw materials inventory 110,000

Work in process inventory-250,000

finished goods inventory-198,000

The following additional information describes the companys prodcution activities for june.

Raw materials purchases (on credit) 200,000

factory payroll cost (paid in cash) 400,000

other overhead cost (other accounts credited) 170,500

materials used

Direct 120,000

indirect 42,000

labor used

Direct 350,000

indirect 50,000

overhead rate as a percnt of direct labor 75%

Sales (on credit) 1,000,000

REquired:

1. Compute the cost of (a) products transferred from production to finished goods, and (b) good sold.

2. Prepare journal entries dated June 30 to record the following prodcution activities during june: (a) raw materials purchases, (b) direct materials usage (c) indirect materials usage (d) direct labor costs, (e) indirect labor costs (f) payment of factory payroll (g) other overhead costs, (h) overhead applied, (i) goods transferred from production to finished goods, and (j) sale of finished goods.