Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journal Entries Travis Manufacturing Company uses the perpetual inventory system to record transactions related to its manufacturing inventories. The following transactions occurred during August Aug.

Journal Entries
Travis Manufacturing Company uses the perpetual inventory system to record transactions related to its manufacturing inventories. The following transactions occurred during August
Aug. 5 Recelved $6,300 of materials and components that had been ordered on account.
Aug. 7 Recorded the payroll: $4,550 of direct labor and $1,050 of indirect labor.
Aug. 11 Sold on account product costing $2,450 for $3,640.
Aug. 16 Completed product costing $11,200 and transferred it to the warehouse.
Aug. 20 Requisitioned $4,900 of materials for use in the factory; $4,130 was used as direct materials and the remainder was used as indirect materials.
Aug. 25 Applied $7,000 of manufacturing overhead cost to the product currently being worked on.
Aug. 29 Paid $280 cash for a special material component that was shipped via overnight delivery.
Aug. 31 Sold product costing $700 for $1,190 cash.
Required
Prepare general journal entries to record these transactions.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting

Authors: Mark Lee Inman

2nd Edition

0434908320, 978-0434908325

More Books

Students also viewed these Accounting questions