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Larned Corporation recorded the following transactions for the just completed month. a. $70,000 in raw materials were purchased on account. b. $68,000 in raw materials
Larned Corporation recorded the following transactions for the just completed month. a. $70,000 in raw materials were purchased on account. b. $68,000 in raw materials were requisitioned for use in production. Of this amount, $59,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $111, 500 were incurred. Of this amount, $102, 400 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $197,000 were incurred. 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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