Question
The following transactions occurred in during the month of January: a) Purchased $10,000 of raw materials on account b) Requisitioned $8,000 of materials for Jobs
The following transactions occurred in during the month of January:
a) Purchased $10,000 of raw materials on account
b) Requisitioned $8,000 of materials for Jobs 101-105
c) Requisitioned $500 of materials for general factory use
d) Paid factory workers wages $7,500
e) Paid factory supervisor salary of $1,500
f) Paid factory rent and utilities of $4,000
g) Applied factory overhead: predetermined rate is $50 per direct labor hour. January
Direct Labor hours = 100
h) Completed jobs 101 and 102 total product cost of $2,250
i) Sold job 101 which had product costs of $1,200 for $3,800.
Journalize under a Lean Accounting System- note not all transactions require a journal entry
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