Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Q52-7 Your company use Job Costing to record manufacturing costs. Prepare Journal Entries for the following transactions occurred in this month: A) Rawa Materials amount
Q52-7 Your company use Job Costing to record manufacturing costs. Prepare Journal Entries for the following transactions occurred in this month: A) Rawa Materials amount to $64,700 were withdrawn for use 85% were for Direct Material 15% were for Indirect Material B) Employee salaries amount to $5,600 were paid by cash 70% of the salaries paid were for factory assembly line workers 5% of the salaries paid were for factory maintenance workers 25% of the salaries paid were for admin and sales workers C) Prepaid insurance $6,200 had consumed 65% of the insurance related to the factory building 35% of the insurance related to the office building D) Property tax of $84,520 related to the factory was recorded as payable
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