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Journal Entries, T - Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Sylvana Company: Materials purchased
Journal Entries, TAccounts, Cost of Goods Manufactured and Sold
During May, the following transactions were completed and reported by Sylvana Company:
Materials purchased on account, $
Materials issued to production to fill joborder requisitions: direct materials, $; indirect materials, $
Payroll for the month: direct labor, $; indirect labor, $; administrative, $; sales, $
Depreciation on factory plant and equipment, $
Property taxes on the factory accrued during the month, $
Insurance on the factory expired with a credit to the prepaid insurance account, $
Factory utilities, $
Advertising paid with cash, $
Depreciation on office equipment, $; on sales vehicles, $
Legal fees incurred but not yet paid for preparation of lease agreements, $
Overhead is charged to production at a rate of $ per direct labor hour. Records show direct labor hours were worked during the month.
Cost of jobs completed during the month, $
The company also reported the following beginning balances in its inventory accounts:
Materials Inventory $
WorkinProcess Inventory
Finished Goods Inventory
Prepare Taccounts for Materials Inventory, Overhead Control, WorkinProcess Inventory, and Finished Goods Inventory. Post the entries to the Taccount in the same order in which they were journalized.
Prepare a statement of cost of goods manufactured.
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