Question
show works for maximum credits salazar company completed the following transactions with respect to its manufacturing operations during October 2016: A. Materials costing $140,000 and
show works for maximum credits salazar company completed the following transactions with respect to its manufacturing operations during October 2016:
A. Materials costing $140,000 and indirect materials costing $16,800 were purchased on account. Assume indirect materials was debited to materials .
B. A total of $70,000 of materials was requisitioned to the factory for manunfacturing opreations conducted during October
. C. Manufacturing payroll for the month of consisted of 2,000 hours of direct labor and 500 hours of indirect labor, both at $14 per hour.
D. Indirect materails costing $7,000 were requisitioned.
E. Depreciation on the factory building and equipment was $14,000.
F. Miscellaneous factory overhead expenses totaled $5,600 for October.
G. Factory overhead cost was applied to workl in process at the rate of 125 percent of direct labor cost.
H. Units of product with a total manufacturing cost of $84,000 were completed and transferred to the finisned goods warehouse.
I. Finished goods costing $49,000 were sold during October for $77,000 cash.
Reguired: prepare journal entires for each of the transactions that occured during October 2016.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started