Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Larned Corporation recorded the following transactions for the just completed month. $81,000 in raw materials were purchased on account. $79,000 in raw materials were used
Larned Corporation recorded the following transactions for the just completed month.
- $81,000 in raw materials were purchased on account.
- $79,000 in raw materials were used in production. Of this amount, $65,000 was for direct materials and the remainder was for indirect materials.
- Total labor wages of $125,000 were paid in cash. Of this amount, $102,900 was for direct labor and the remainder was for indirect labor.
- Depreciation of $194,000 was incurred on factory equipment.
Required:
Record the above transactions in journal entries.
1. $81,000 in raw materials were purchased on account.
2.$79,000 in raw materials were used in production. Of this amount, $65,000 was for direct materials and the remainder was for indirect materials
3. Total labor wages of $125,000 were paid in cash. Of this amount, $102,900 was for direct labor and the remainder was for indirect labor.
4. Depreciation of $194,000 was incurred on factory equipment.
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