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Lowes Lumber produces bagged bark for use in landscaping. Production involves packaging bark chips in plastic bags in a bagging department. The following information describes
Lowes Lumber produces bagged bark for use in landscaping. Production involves packaging bark chips in plastic bags in a bagging department. The following information describes production operations for October. Bagging Department Direct materials used $ 230,000 Direct labor used $ 38,000 Predetermined overhead rate (based on direct labor) 120 % Goods transferred from bagging to finished goods $ (203,500 ) The company's revenue for the month totaled $450,000 from credit sales, and its cost of goods sold for the month is $250,000. (1) Prepare journal entry dated October 31 to record its October production activities for direct material usage. (Omit the "$" sign in your response.) Date General Journal Debit Credit Oct. 31 (2) Prepare journal entry dated October 31 to record its October production activities for direct labor usage. (Omit the "$" sign in your response.) Date General Journal Debit Credit Oct. 31 (3) Prepare journal entry dated October 31 to record its October production activities for overhead allocation. (Omit the "$" sign in your response.) Date General Journal Debit Credit Oct. 31 (4) Prepare journal entry dated October 31 to record its October production activities for goods transfer from production to finished goods. (Omit the "$" sign in your response.) Date General Journal Debit Credit Oct. 31 (5) Prepare journal entries dated October 31 to record its October activities for sales. (Omit the "$" sign in your response.) Date General Journal Debit Credit Oct. 31
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