Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. June 1 8 15 25 25 Purchased raw materials for $20,000 on account. Raw materials requisitioned by production: Direct $8,000 materials Indirect 1,000 materials Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. Incurred $108,000 of factory labor. Time tickets indicated the following: (7,000 hrs * $12 Direct Labor $84,000 per hr) (3.000 hrs * $8 per Indirect Labor hr) 24,000 $108,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct hour worked Goods costing $18,000 were completed in the factory and were transferred to finished goods. Goods costing $15,000 were sold for $20,000 an account. 25 28 30 Date Accounties and Explanation Debit Credit June (Purchase of raw materials on account) 8 | (To assign materials to jobs and overhead) 15 (To record payment of factory utilities and repairs) 25 (To record factory labor costs) 25 To assign factory labor to jobs and overhead 25 (To record factory labor costs) 25 To assign factory labor to jobs and overhead) 25 To apply overhead to jobs) 28 to record completion of production) Telecer of finished goods and its costo