Question
I RATE ALL ANSWERS Exercise 2-5 Prepare T-Accounts [LO5, LO7] Granger Products recorded the following transactions for the just completed month. The company had no
I RATE ALL ANSWERS
Exercise 2-5 Prepare T-Accounts [LO5, LO7]
| Granger Products recorded the following transactions for the just completed month. The company had no beginning inventories. |
| a. | $75,000 in raw materials were purchased for cash. |
| b. | $73,000 in raw materials were requisitioned for use in production. Of this amount, $67,000 was for direct materials and the remainder was for indirect materials. |
| c. | Total labor wages of $152,000 were incurred and paid. Of this amount, $134,000 was for direct labor and the remainder was for indirect labor. |
| d. | Additional manufacturing overhead costs of $126,000 were incurred and paid. |
| e. | Manufacturing overhead costs of $178,000 were applied to jobs using the company |
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