Hi, I need help with my Managerial Accounting assignment please...
Exercise 2-13 Recording events in job order costing LO P1, P2, P3, P4 Prepare summary journal entries to record the following transactions and events a through g for a company in its first month of operations. a. Raw materials purchased on account, $94,000 b. Direct materials used in production, $40,500_Indirect materials used in production, $25,000 c. Paid cash for factory payroll, $70,000. Of this total, $50,000 is for direct labor and $20,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,875 e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $74,000 g. Sold jobs on account for $105,000 The jobs had a cost of $74,000 View transaction list Journal entry worksheet 3 5 6 7 8 19 Record raw materials purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journalView transaction list Journal entry worksheet 2 3 4 5 6 8 9 Record the entry to assign costs of direct materials used. Note: Enter debits before credits. Transaction General Journal Debit Credit b ( 1 ) Record entry Clear entry View general journalView transaction list Journal entry worksheet 5 6 7 8 9 Record the entry for indirect materials. Note: Enter debits before credits. Transaction General Journal Debit Credit b (2 ) Record entry Clear entry View general journalView transaction list Journal entry worksheet A 2 3 5 6 7 8 9 Record the usage of direct and indirect labor, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journalView transaction list Journal entry worksheet 3 4 5 6 Record other actual overhead costs, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journalView transaction list Journal entry worksheet 5 6 8 9 Record the entry to apply overhead at a rate of 125% of direct labor cost. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journalView transaction list Journal entry worksheet