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During the month, Top Ski Manufacturing., Inc. purchased $200,000 in raw material on account on June 1, 20XX. For the month of June, the company
During the month, Top Ski Manufacturing., Inc. purchased $200,000 in raw material on account on June 1, 20XX. For the month of June, the company used $225,000 in direct labor and $100,000 in direct raw materials.
The company applies overhead at a rate of 150% of direct materials. Work-in-Progress had a balance of $200,000 at June 1, 20XX. At June 30, 20XX Work-in-Progress had a balance of $250,000. Prepare the necessary journal entries to record Junes activity, including the transfer of product to finished goods.
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