Question
Prepare the necessary journal entries from the following information for Blalock Company. Purchased materials on account, $56,700. Requisitioned materials for production as follows: direct materials
Prepare the necessary journal entries from the following information for Blalock Company.
Purchased materials on account, $56,700.
Requisitioned materials for production as follows: direct materials - 80 percent of purchases, indirect materials - 15 percent of purchases.
Direct labor for production is $33,100, indirect labor is $12,500.
Overhead incurred (not including materials or overhead): $52,900.
Overhead is applied to production based on direct labor cost at the rate of 220 percent.
Goods costing $97,600 were completed during the period.
Goods costing $51,320 were sold on account for $77,600.
Close the overhead control account to Cost of Goods Sold.
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