Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah Corporation incurred the following transactions. 1. Purchased raw materials on account $41,690. 2. Raw Materials of $32,400 were requisitioned to the factory. An analysis

image text in transcribed
image text in transcribed
image text in transcribed
Pharoah Corporation incurred the following transactions. 1. Purchased raw materials on account $41,690. 2. Raw Materials of $32,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,140 was classified as indirect materials. 3. Factory labor costs incurred were $53,920. 4. Time tickets indicated that $48,600 was direct labor and $5,320 was indirect labor. 5. Manufacturing overhead costs incurred on account were $72,450. 6. Depreciation on the company's office building was $7,280. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing $79,200 were completed and transferred to-finished goods. 9. Finished goods costing $67,500 to manufacture were sold on account for $92,700. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (6) (7) (8) (9) (Torecord the sale) (To record the cost of the sale)

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

Step: 3

blur-text-image

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

Managerial Accounting

Authors: Unknown Author

1st Edition

007723023X, 978-0077230234

More Books

Students also viewed these Accounting questions