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help with journal entry Carla Vista Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $81,600. 2.
help with journal entry
Carla Vista Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $81,600. 2. Raw materials of $28,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $5,760 was classified as indirect materials. 3. Factory labor costs incurred were $168,000 of which $139,200 pertained to factory wages payable and $28,800 pertained to employer payroll taxes payable. 4. Time tickets indicated that $139,200 was direct labor and $28,800 was indirect labor. 5. Overhead costs incurred on account were $190,080. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $110,400 are still incomplete at the end of the month; the other goods were completed and transferred to finished Goods Inventory. 8. Finished Goods Inventory with a cost of $96,000 was sold on account for $124,800. Journalize the above transactions for Carla Vista Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Step by Step Solution
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