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Sunland Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $41,800 were requisitioned to the factory. An analysis
Sunland Corporation incurred the following transactions.
1. | Purchased raw materials on account $53,000. | |
2. | Raw Materials of $41,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,700 was classified as indirect materials. | |
3. | Factory labor costs incurred were $60,500, of which $50,600 pertained to factory wages payable and $9,900 pertained to employer payroll taxes payable. | |
4. | Time tickets indicated that $54,800 was direct labor and $5,700 was indirect labor. | |
5. | Manufacturing overhead costs incurred on account were $84,800. | |
6. | Depreciation on the companys office building was $9,000. | |
7. | Manufacturing overhead was applied at the rate of 160% of direct labor cost. | |
8. | Goods costing $94,200 were completed and transferred to finished goods. | |
9. | Finished goods costing $78,200 to manufacture were sold on account for $109,000. |
Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. | Account Titles and Explanation | Debit | Credit |
(1) | |||
(2) | |||
(3) | |||
(4) | |||
(5) | |||
(6) | |||
(7) | |||
(8) | |||
(9) | |||
(To record the sale) | |||
(To record the cost of the sale) |
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