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journal entries posted 11 entries required please. Also, the work needed for my understanding. thank you. work needed for everything. thanks Ravsten Company uses a
journal entries posted 11 entries required please. Also, the work needed for my understanding. thank you.
work needed for everything. thanks
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw materials Work in process Finished goods $22,800 $12,400 $31,200 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 37,200 machine-hours and incur $152,520 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $224,000. b. Raw materials were requisitioned for use in production: $202,000 (85% direct and 15% indirect). c. The following costs were incurred for employee services: Direct labour Indirect labour Sales commissions Administrative salaries $169,600 $ 29,400 $ 39,600 $ 84,800 d. Heat, power, and water costs were incurred in the factory: $47,400, e. Prepaid insurance expired during the year: $16,000 (80% relates to factory operations, and 20% relates to selling and administrative activities). f. Advertising costs were incurred, $56,000. 9. Depreciation was recorded for the year: $67,200 (75% relates to factory operations, and 25% relates to selling and administrative activities). h. Manufacturing overhead cost was applied to production. The company recorded 42,400 machine-hours for the year, I. Goods that cost $511,900 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. 1. Sales for the year totalled $755,800 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $504,500. Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. 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 Step by Step Solution
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