Sunset Products manufactures skateboards The following transactions occurred in March Purchased $29,000 of materials on account Issued $1,900 of supplies from the materials inventory Purchased $26,800 of materials on account Paid for the materials purchased in transaction (1) using cash Issued $31,800 in direct materials to the production department Incurred direct labor costs of $34,000, which were credited to Wages Payable Paid $23,300 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop Applied overhead on the basis of 110 percent of direct labor costs Recognized depreciation on manufacturing property, plant, and equipment of $6,800 The following balances appeared in the accounts of Sunset Products for March Beginning Ending Materials Inventory $ 11,700 Work in Process Inventory 18,300 Finished Goods Inventory 66,800 $ 38,300 Cost of Goods Sold 74,800 Required a Prepare journal entries to record the transactions (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 4 9 Purchased $29,000 of materials Note Enter debits before credits Transactions General Journal Debit Credit View general journal Record entry Clear entry Wages Payable Accumulated Depreciation Property, Plant, and Equipment Beg bal Beg bal End bal 0 End bal 0 Finished Goods Inventory Cost of Goods Sold Beg bal Finished Goods Beg bal Goods completed End bal Transfer to Cost of Goods Sold 0 End bal 0

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 11, 2024

Sunset Products manufactures skateboards. The following transactions occurred in March: Purchased $29,000 of materials on account. Issued $1,900 of supplies from the materials inventory. Purchased

Sunset Products manufactures skateboards. The following transactions occurred in March:

Purchased $29,000 of materials on account.
Issued $1,900 of supplies from the materials inventory.
Purchased $26,800 of materials on account.
Paid for the materials purchased in transaction (1) using cash.
Issued $31,800 in direct materials to the production department.
Incurred direct labor costs of $34,000, which were credited to Wages Payable.
Paid $23,300 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop.
Applied overhead on the basis of 110 percent of direct labor costs.
Recognized depreciation on manufacturing property, plant, and equipment of $6,800.

The following balances appeared in the accounts of Sunset Products for March:

	Beginning		Ending
Materials Inventory	$	11,700		?
Work-in-Process Inventory		18,300		?
Finished Goods Inventory		66,800	$	38,300
Cost of Goods Sold				74,800

Required:

a. Prepare journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

image text in transcribed

view transaction list Journal entry worksheet 4 9 Purchased $29,000 of materials. Note: Enter debits before credits. Transactions General Journal Debit Credit View general journal Record entry Clear entry Wages Payable Accumulated Depreciation-Property, Plant, and Equipment Beg. bal Beg. bal. End. bal 0 End. bal. 0 Finished Goods Inventory Cost of Goods Sold Beg. bal. Finished Goods Beg. bal. Goods completed End. bal. Transfer to Cost of Goods Sold 0 End. bal. 0