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Help with journal entries and filling in blanks please It just says to record the following journal entries for process cost system accounting 5 LUNI
Help with journal entries and filling in blanks please
It just says to record the following journal entries for process cost system accounting
5 LUNI UUUUU, UUS LLLLLS WIL 1 Purchased raw materials for cash, $60,000 2 Used direct materials: Dept A, $40,000; indirect materials, $2,000 3 Incurred direct factory labor payable, Dept A: direct, $20,000 4 Incurred factory overhead on account, $21,000 (utilities, taxes, etc.) 5 Applied overhead at rate of $70 per machine hour to Dept A, 200 hours 6 Transferred all 2,000 pounds from Dept A to Dept B ($ 7 Used raw materials in Dept B, $9,000; indirect materials, $500 8 Incurred factory labor in Dept B, $4,000 9 Applied overhead to Dept B, 100 hours 10 Transferred all 2,000 pounds from Dept B to Finished Goods 11 Sold completed goods for cash, $139,000 (perpetual inventory) Gross profit = $_ 12 Closed the factory overhead account Actual gross profit=$Step by Step Solution
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