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Jacuzi Farm Irrigation Manufacturing Company had the following transactions during the month of June 2021: 1. Purchased raw materials on account, $83,605. 2. Raw
Jacuzi Farm Irrigation Manufacturing Company had the following transactions during the month of June 2021: 1. Purchased raw materials on account, $83,605. 2. Raw Materials of $71,010 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $5,815 was classified as indirect 165, 1 materials. 3. Factory labor costs incurred were $197,870 of which $162,960 pertained to factory wages payable and $34,910 pertained to employer payroll taxes payable. 4. Time tickets indicated that $165,440 was direct labor and $32,430 was indirect labor. 5. Overhead costs incurred on account were $211,620. 6. Manufacturing overhead was applied at the rate of 125% of direct labor cost. 7. Goods costing $64,845 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $82,510 to manufacture were sold on account for $167,480 9. At the beginning of June, work in process inventory was $66,645. Instructions and a Hint: 1. Journalize in proper journal entry form, the above transactions for Jacuzi Farm Irrigation Manufacturing Company, you do NOT need to provide explanations. Hint: the company had a beginning work in process inventory as noted in #9 above, did Not have a beginning work in process inventory since it had just started in business. Therefore, be sure to take into account the beginning work in process inventory in #9 above when doing this solution.
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