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I need help journalizing these transactions. Help would be so much appreciated! The following transactions occurred during the year 1 Raw materials were purchased on
I need help journalizing these transactions. Help would be so much appreciated!
The following transactions occurred during the year 1 Raw materials were purchased on account: 470,000 2 Raw materials were requisitioned for use in production: Direct Materials 395,000 Indirect Materials 35,000 3 The following costs were incurred for employee services: Direct Labor 65,000 Indirect Labor 100,000 Sales Commission 30,000 Administrative 130 000 Salaries 130,000 4 Sales travel costs: 15,000 5 Utility costs in the factory: 47,000 6 Advertising costs: 115,000 7 Depreciation was recorded for the year: 450,000 Factory Equipment 70% Administrative Equipment 30% 8 Insurance expired during the year: 20,000 Factory Operations 60% Administrative Activities 40% 9 Manufacturing overhead was applied to production Actual Direct Labor Hours: 67,000 10 Cost of goods completed during the year: 780,000 11 Total Sales on account: 1,150,000 12 Cost of goods sold: 725,000 journalizing these transactionsStep by Step Solution
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