Ravsten Company uses a job order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw materials Work in process Finished goods $18,000 $10,800 $30,400 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,400 machine-hours and incur $161,980 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $208.000 b. Raw materials were requisitioned for use in production: $194,000 (80% direct and 20% indikect). c. The following costs were incurred for employee services: Direct Labour Indirect labour Sales commissions Administrative salaries 5163,200 $ 27,000 $ 37,200 581,600 d. Heat, power, and water costs were incurred in the factory: $43,800 e. Prepold Insurance expired during the year: $12,000 (85% relates to factory operations, and 15% retates to selling and administrative activities) f. Advertising costs were incurred, 552,000, 9. Depreciation was recorded for the year. $62,400 (90% relates to factory operations, and 10% relates to selling and administrative activities) h. Manufacturing overhead cost was applied to production. The company recorded 40,800 machine-hours for the year. Goods that cost $497.600 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. 1. Sales for the year totalled $718,600 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $491,800 View transaction list Journal entry worksheet 1 2. 2 3 4 5 6 7 8 1 11 > Raw materials were purchased on account: $208,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculatid a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculati a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 3 1 2 5 5 11 6 7 8 Heat, power, and water costs ere incurred in the factory: $43,800. Note: Enter debits before credits. General Journal Debit Credit Transaction d. Record entry Clear entry View general journal View transaction list Journal entry worksheet Advertising costs were incurred, $52,000. Note: Enter debits before credits. Transaction General Journal Debit Credit f. Record entry Clear entry View general journal Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Depreciation was recorded for the year: $62,400 (90% relates to factory operations, and 10% relates to selling and administrative activities). Note: Enter debits before credits General Journal Transaction 9 Debit Credit Record entry Clear entry View general Journal Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 7 11 > Manufacturing overhead cost was applied to production. The company recorded 40,800 machine hours for the year. Note: Enter debit before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Sales for the year totalled $718,600 and were all on account. Note: Enter debits before credits General Journal Transaction J-1 Debit Credit Record entry Clear entry View general Journal Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
