Hello, I am having a lot of trouble with the problem below. Not sure why Course hero is not uploading the photos correctly. I have provided links to the photos here:
https://ibb.co/2ZdS8z3
https://ibb.co/0hh831z
https://ibb.co/mt2jTm9
https://ibb.co/sCBXsTL
https://ibb.co/3znqmrQ
https://ibb.co/9cTZZqy
https://ibb.co/V3GfJXF
https://ibb.co/SN6zG7N
https://ibb.co/4FFnJfB
https://ibb.co/BTczRvF
3.
a. Raw materials purchased on account, $211,000. b. Raw materials used in production, $188,000 ($150,400 direct materials and $37,600 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $20,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,400 machine-hours were used in October. g. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $447,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 38% above cost. Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the transactions given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 5 6 7 8 9 Raw materials purchased on account, $211,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journalRequired 1 Required 2 Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36,000. Manufacturing Overhead Work in Process Beg. Bal. End. Bal. End. Bal.Journal entry worksheet A 2 3 4 5 6 7 8 9 Record the raw materials issued to production, $188,000 ($150,400 direct materials and $37,600 indirect materials). Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journalJournal entry worksheet A 2 4 5 6 7 8 9 Record the entry for accrued direct labor cost incurred, $50,000; indirect labor cost incurred, $20,000. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journalJournal entry worksheet A 1 2 3 5 6 7 8 9 Depreciation recorded on factory equipment, $105,000. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journalJournal entry worksheet
