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Instant Thumbs Up For Help Thank You! Northwest Inc. has provided the following information for the year ended 20x8: a. Purchased raw materials on account
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Northwest Inc. has provided the following information for the year ended 20x8: a. Purchased raw materials on account for $241,400. b. Issued $131,400 in raw materials to production ($35,400 were not traceable to specific jobs). c. Incurred $145,400 in direct labor costs (15,520 hours) and $63,900 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: factory lease $37,400 (paid in cash); depreciation on equipment $31,400; indirect supplies $14,900 (paid in cash). e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $46,400; sales commissions $49,400. f. Applied manufacturing overhead to jobs in process at a rate of $13 per direct labor hour. g. Completed jobs costing a total of $416,400. h. Sold jobs for $626,400 on account. The cost of the jobs was $413,400. i. Closed the Manufacturing Overhead account balance. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of raw materials on account. Note: Enter debits before credits. Event General Journal Debit Credit 1 3 4 5 6 7 8 9 10 Record issue in raw materials to production (including the part which is not traceable to specific jobs). Note: Enter debits before credits. Event General Journal Debit Credit Journal entry worksheet Record the entry for direct labor costs and supervision costs (paid in cash). Note: Enter debits before credits. Event General Journal Debit Credit Journal entry worksheet Record the entry for nonmanufacturing costs, both paid in cash: advertising; sales commissions. Note: Enter debits before credits. Event General Journal Debit Credit Journal entry worksheet Record the entry to apply manufacturing overhead to jobs in process at a rate of direct labor hour. Note: Enter debits before credits. Event General Journal Debit Credit Journal entry worksheet Record the entry to transfer completed jobs. Note: Enter debits before credits. Event General Journal Debit Credit Journal entry worksheet Record the sale of jobs on account. Note: Enter debits before credits. General Journal Debit Credit Event h(1) Journal entry worksheetStep by Step Solution
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