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Larned Corporation recorded the following transactions for the just completed month. $88,000 in raw materials were purchased on account. $86,000 in raw materials were used
Larned Corporation recorded the following transactions for the just completed month.
- $88,000 in raw materials were purchased on account.
- $86,000 in raw materials were used in production. Of this amount, $76,000 was for direct materials and the remainder was for indirect materials.
- Total labor wages of $108,500 were paid in cash. Of this amount, $103,500 was for direct labor and the remainder was for indirect labor.
- Depreciation of $198,000 was incurred on factory equipment.
Required:
Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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