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Need All 11 Journal Entries Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its
Need All 11 Journal Entries
Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Beginning Ending Inventory Inventory $ 65,000 73,500 517,000 505,000 Raw materials inventory Work in process inventory Finished goods inventory 445,500 633,000 The following additional information describes the company's production activities for May Raw materials purchases (on credit) Factory wages cost (paid in cash) Other overhead cost (Other Accounts credited) Materials used 280,000 1,562,000 53,000 209,500 62,000 Direct Indirect Labor used Direct Indirect 780,000 782,000 Overhead rate as a percent of direct labor Sales (on credit) 115% 5,500,000 The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost. Problem 20-1A Part 2 2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) direct labor costs incurred, (e) indirect labor costs incurred, () payment of factory payroll, (g) other overhead costs, (h) overhead applied, () goods transferred from production to finished goods, and U) sale of finished goods. View transaction list Journal entry worksheet Record purchase of raw materials. Note: Enter debits before credits. Date General Journal Debit CreditStep by Step Solution
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