Question 18

_Queston Help * FAM14-A4 (similar to) Themiton makes electronic thermostats for homas and offices The Okahoma City division makas one product, Autotherm, which has a standard cost of $31, consisting of $16 of materials and $15 of conversion costs In January, actual purchases of mate a s totaled $170,000, labor payroll costs were S22 ard manu aca r ng ove head as $118 000 Completed o ut as 10.000 ts. The Oklahoma City di son uses a bed shoot gays em hat records costs in materials inventory and conversion costs accounts and applies costs to products at the time production is completed. There were no finished-goods inventonies on January 1 and 100 units on Janary 31 Read the real rements Requirement 1. Prepare jounal entries (without explanations) to record January's costs for the Oklahoma City division Include the purchase of materials, incureence of labor and manufactuing overhead costs, application of product costs, and recognibon of cost of goods sold (Record debits Srst then credits Explanations are not required) Begin by recording the purchase of materials. Assume the purchase was made on account Requirments Journal Entry Credit Accounts Debit 1. Prepare journal entries fwithout explanations) to record January's costs for the Oklahoma City division Include the purchase of materials, incurrence of labor and manufacturing overhead costs, application of product costs, and recognition of cost of goods sold 2. Suppose the journal entry to recognize overappled or underapplied conversion costs at the end of Januany Print Done