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Surprise Enterprises uses a job costing system. Record the following transactions in Sunrise Enterprises' general journal for the current month] Purchased raw materials on account,
Surprise Enterprises uses a job costing system. Record the following transactions in Sunrise Enterprises' general journal for the current month] Purchased raw materials on account, $100,000. Requisitioned $41, 300 of direct materials and $7,000 of indirect materials for use in production. Factory payroll incurred, $110,000; 75% direct labor, 25% indirect labor. Recorded depreciation expense on factory equipment $25,000, and paid factory utilities of $56, 200 on account. Allocated manufacturing overhead costs based on 120% of direct labor cost. Cost of completed production for the current month, $135,000. Cost of finished goods sold, $112,000; selling price, $162,000 (all sales on account)
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