Managerial Accounting

Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $90,000. b. Direct materials used in production, $36,500. Indirect materials used in production, $19,200. c. Paid cash for factory payroll, $50,000. Of this total, $38,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $11,475. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $56,800. g. Sold jobs on account for $82,000. The jobs had a cost of $56,800. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 Record raw materials purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a.Journal entry worksheet Record the entry to assign costs of direct materials used. Note: Enter debits before credits. Journal entry worksheet Record the entry for indirect materials. Note: Enter debits before credits. Journal entry worksheet Record the usage of direct and indirect labor, paid in cash. Note: Enter debits before credits. Journal entry worksheet Record other actual overhead costs, paid in cash. Note: Enter debits before credits. Journal entry worksheet Record the entry to apply overhead at a rate of 125% of direct labor cost. Note: Enter debits before credits. Journal entry worksheet Record costs of jobs completed. Note: Enter debits before credits. Journal entry worksheet Record the cost of the jobs sold. Note: Enter debits before credits. Journal entry worksheet Record the sale of jobs on account. Note: Enter debits before credits