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record the raw materials used in production Raw materials Work in process Finished goods $ 49,000 $ 28,600 $ 47,100 The company applies overhead cost
record the raw materials used in production
Raw materials Work in process Finished goods $ 49,000 $ 28,600 $ 47,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $15.25 per direct labor-hour was based on a cost formula that estimated $610,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year a. Raw materials were purchased on account, $562,000 b. Raw materials used in production, $513,200. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor, $560,000; Indirect labor, $150,000; selling and administrative salaries $249,000. d. Incurred various selling and administrative expenses (eg advertising, sales travel costs, and finished goods warehousing), $401.000. e Incurred various manufacturing overhead costs (eg.depreciation insurance, and utilities), $460,000, 1. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year g. Jobs costing $1614,850 to manufacture according to their job cost sheets were completed during the year. h Jobs were sold on account to customers during the year for a total of $3,397,500 The jobs cost $1,624,850 to manufacture according to their job cost sheets Required: 1. What is the journal entry to record raw materials used in production? (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 Step by Step Solution
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