1. Materials purchases $500,000 on credit
2. Direct materials $455,000 used in production.
3. total factory payroll payable $363,000. Of this $250,00 is for Direct labor
4. Applied Factory Overhead $170,000 to Work in Process Inventory
5. Actual overhead costs incurred for indirect materials $75,000
6. Actual overhead costs incurred for indirect labor $90,000
7. Other factory overhead actually incurred $10,000 paid in cash
8. Transfer of cost of Jobs 306 and 307 $828,500 completed from W.I.P to Finished Goods Inventory.
9. Cost of goods sold for Job 306 is $321,500
10. Sold Job 306 for $635,000 on credit
11. Applied Overheads : 170,000 ; Actual Overheads incurred 175,000. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account.