Question
please answer 1-10 Corporation incurred the following transactions. 1. Purchased raw materials on account $48,000. 2. Raw Materials of $43,900 were requisitioned to the factory.
please answer 1-10
Corporation incurred the following transactions.
1. Purchased raw materials on account $48,000.
2. Raw Materials of $43,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,000 of this was classified as indirect materials and the balance was direct material.
3. Factory labor costs incurred were $87,000. Time tickets indicated that $82,000 was direct labor and the rest was indirect labor. Direct laborers were paid at a rate of $20 per hour.
4. Rent incurred was $79,500. 70% was for the factory and 30% was for the corporate offices.
5. Factory depreciation was $13,000.
6. Administrative salaries accrued were $25,000.
7. Advertising costs of $10,000 were incurred on account.
8. Manufacturing overhead was applied at the rate of $16 per direct labor hour.
9. Goods costing $90,000 were completed and transferred to finished goods.
10. Finished goods costing $80,000 to manufacture were sold for $120,000.
Instructions:
Journalize the transactions.
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