Prepare journal enteries to record the above transactions during the month or june Wildhorse Manufacturing Company uses a job order cost system and keeps perpetual
Wildhorse Manufacturing Company uses a job order cost system and keeps perpetual inventory records, June 1 8 15 25 25 25 28 30 Purchased raw materials for $20,000 on account Raw materials requisitioned by production: Direct materials Indirect materials $8,000 1,000 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. Incurred $88,000 of factory labor. Time tickets indicated the following: Direct Labor Indirect Labor (7,000 hrs x $10 per $70,000 (3,000 hrs x $6 per 18,000 hr) $88,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $5 per direct labor hour worked. Goods costing $18,150 were completed in the factory and were transferred to finished goods inventory. Goods costing $15, 150 were sold for $20,150 on account. Prepare journal entries to record the above transactions during the month of June. (Creditaccount titles are automaticallyjndentedwhen the amount is entered. Do not indent manually. List all debit entries before credit entries. Recordjournal entries in the orderpresentedin the problem.)
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