Q:1 For July, ABC company had cost of goods manufactured equal to $50,000; Direct materials used $16,000; cost of goods sold $60,000; direct labor $24,000; purchases of materials $25,000; cost of goods available for sale $70,000; and total factory labor $29,000. Work in process was $15,000 on July 1 and $25,000 on July 31. The company uses a single materials account for direct and indirect materials.

Required:

1. A COGS Statement. For conciseness, show single line items for factory overhead and direct materials used.
2. Summary general journal entries to record
3. Purchase of materials on account.
4. Use of materials, indirectly indirect materials of $2000
5. Accrual of factory payroll, including indirect labor of payroll
6. Distribution of factory labor cost
7. Transfer of completed work to finished goods
8. Sales on account at a markup equal to 75% of production cost.