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Prepare the necessary journal entries from the following information for Bonnies Corp which uses a perpetual inventory system. a. Purchased raw material on account, $56,700.
Prepare the necessary journal entries from the following information for Bonnies Corp which uses a perpetual inventory system. a. Purchased raw material on account, $56,700. b. Requisitioned raw materials for production as follows: direct material 80% of purchases; indirect material 15% of purchases: c. Direct Labor wages of $33,100 are accrued as are indirect labor wages of $12,500. d. Overhead incurred and paid for is $66,900 e. Overhead is applied to production based on 110 percent of direct labor cost f. Additional overhead of $30,000 is applied to production for various jobs g. Goods costing $97,600 were completed during the period h. Goods costing $51,320 were sold on account for $77,600 i. Dispose of overapplied or underapplied overhead (assuming it is immaterial)
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