Question 2 of 3 -/5 E Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. June 1 Purchased raw materials for $20,000 on account. Raw materials requisitioned by production: 8 Direct materials $8,000 Indirect materials 1,000 15 25 25 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. incurred $108.000 of factory labor. Time tickets indicated the following: (7.000 hrs $12 per Direct Labor $84.000 hr) (3,000 hrs * $8 per Indirect Labor hr) 24,000 25 $108,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked Goods costing $18,000 were completed in the factory and were transferred to finished goods. Goods costing $15,000 were sold for $20,000 on account 28 30 Question 2 of 3 - /5 Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 (Purchase of raw materials on account) 8 (To assign materials to jobs and overhead) 15 (To record payment of factory utilities and repairs) Question 2 of 3 - 75 E (To record payment of factory utilities and repairs) 25 (To record factory labor costs) 25 (To assign factory labor to jobs and overhead) 25 (To apply overhead to jobs) 28 (To record completion of production) Question 2 of 3 -/5 = (To apply overhead to jobs) 28 (To record completion of production) 30 (To record sales of finished goods and its cost) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit