Question 5 of 5 - /20 The following events occurred over the course of a year at Concord Corp., which uses a job order costing system: 1. Direct materials purchases totaled $580,000. Concord Corp tracks its direct materials separately from its indirect materials. Purchases were made on account. 2. $131,000 of indirect materials were used in production. Concord uses a separate Supplies Inventory account for indirect materials. 3. $560,000 of direct materials were used in production. 4. The direct labor payroll was $791,000 (credit Wages Payable). 5. Other manufacturing overhead costs incurred during the year totaled $672,000. 6. Concord applies overhead based on a predetermined overhead rate of $23 per machine hour. The company used 49,000 machine hours during the year. 7. During the year, Concord transferred goods costing $2,420,000 into the Finished Goods Inventory account. 8. Concord sold products with a manufacturing cost of $2,398,000 to customers during the year. Prepare journal entries to record these events. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Post entries in order presented in the problem.) No. Account Titles and Explanation Debit Credit 1. (To record purchase of direct materials) 2. (To record use of indirect materials in production) 3. (To record use of direct materials in production) 4. (To record direct labor payroll) 5. (To record actual manufacturing overhead) 6. (To record applied manufacturing overhead) 7. (To record transfer of completed goods to Finished Goods Inventory) 00 (To record cost of goods sold for the period) e Textbook and Media List of Accounts