Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lancaster Company recorded the following transactions for thejust-completed month: a. $46,600 in raw materials was purchased on account. b. $133,000 in raw materials was requisitioned
Lancaster Company recorded the following transactions for thejust-completed month: a. $46,600 in raw materials was purchased on account. b. $133,000 in raw materials was requisitioned for use in production. Of this amount, $76,400 was for direct materials and the remainder was for indirect materials. c. Total labour wages of $221,600 were incurred. Of this amount, $190,200 was for direct labour and the remainder was for indirect labout 0'. Additional manufacturing overhead costs of $201,000 were incurred. Required: Record the above transactions injournal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View journal entry worksheet 1 $46,600 in raw materials was purchased on account. I 2 $133,000 in raw materials was requisitioned for use in / production. Of this amount, $76,400 was for direct materials and the remainder was for indirect materials. 3 Total labour wages of $221,600 were incurred. Of this / amount, $190,200 was for direct labour and the remainder was for indirect labour. 0 Additional manufacturing overhead costs of $201,000 / were incurred. Note : . = journal entry has been entered
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started