Answered step by step
Verified Expert Solution
Question
1 Approved Answer
pro inc had the following activities during its most recent period of operations prepare journal entries to record the following transactions a.) purchased raw materials
pro inc had the following activities during its most recent period of operations prepare journal entries to record the following transactions a.) purchased raw materials on account for $42,000
b.) used materials in production of $32,000($24,000 direct and $7,000 indirect)
c.) incurred factory labor of $32,000 paid in cash ($25,000 direct and $7,000 indirect)
d.) paid actual factory rent of $5,000 in cash
e.) applied nanufacturing overhead at 120% of direct labor costs
f.) sold inventory for $75,000 the inventory had a cost of $50,000 to manufacture
need help putting the data into a joumal entry
n r e moat r e re ] Detil Pad a t f n ens y rent of Credit Date Detit Account Applied manufcring overhead at 120% of direet inhnr eosts Credit Date Accoun Detrit es the Sold inventory for $75,0o0, the inventory had a cost of $50000 to manufcture tine seme sale of inventory requires tne journal entries.) Debi Credn ute Account Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started