Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oriole Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $22,000 on account. 8

image text in transcribedimage text in transcribedimage text in transcribed

Oriole Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $22,000 on account. 8 Raw materials requisitioned by production: $8,800 Direct materials Indirect materials 1,100 Paid factory utilities, $2,310 and repairs for factory equipment, $8,800. 15 25 Incurred $88,000 of factory labor. 25 Time tickets indicated the following Direct Labor (7.000 hrs x $10 per hr) $70,000 Indirect Labor (3,000 hrs x $6 per hr) 18,000 $88,000 25 25 28 220 30 Applied manufacturing overhead to production based on a predetermined overhead rate of $5 per direct labor hour worked. Goods costing $18,650 were completed in the factory and were transferred to finished goods inventory. Goods costing $15,650 were sold for $20.650 on account Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Fynlanatio

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Financial Accounting

Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald

1st Canadian Edition

1118849388, 9781119048572, 978-1118849385

More Books

Students also viewed these Accounting questions

Question

What must a person do to apply?

Answered: 1 week ago