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please show all calculations. Thanks The following manufacturing costs were incurred: 1. Materials purchased on account were $256,200, and wages for factory workers were $110,800.
please show all calculations. Thanks
The following manufacturing costs were incurred: 1. Materials purchased on account were $256,200, and wages for factory workers were $110,800. 2. Materials requisitioned and factory labour used by each job were as follows: Job Number Materials Factory Labour A1 $44,100 $28,100 A2 33.290 34,100 A3 39,800 17,500 A4 39,310 25,800 General factory use 3,050 5,300 Total $ 159,550 $110,800 3. Manufacturing overhead costs incurred on account were $69,800. 4. Depreciation on machinery and equipment was $16,810. 5. The manufacturing overhead rate is 75% of the direct labour cost. Prepare entries for manufacturing costs and assigning costs to production. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not Indent manually.) Account Titles and Explanation Debit Credit Raw Materials Inventory 256,200 Accounts Payable 256,200 (To record purchases of raw materials on account) Factory Labour 110,800 110,800 Factory Wages Payable (To record factory labour costs) Work in Process Inventory Manufacturing Overhead Raw Materials Inventory (To assign raw materials to production) (To assign factory labour to production) (To record manufacturing overhead costs) (To assign overhead to production)Step by Step Solution
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