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Problem 2 Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. June 1 Purchased raw materials for $25,000 on account. 8 Raw materials requisitioned by production: Direct materials Indirect materials $6.000 1,000 15 Paid factory utilities, $2,100 and repairs for factory equipment, $3,000. 25 Incurred $72,000 of factory labor. 25 Time tickets indicated the following: Direct Labor (4,000 hrs * $12 per hr) $48,000 Indirect Labor (3,000 hrs * $8 per hr) 24.000 $72,000 25 Applied manufacturing overhead to production based on a predetermined overhead rate of $9 per direct labor hour worked. 28 Goods costing $18,000 were completed in the factory and were transferred to finished goods. 30 Goods costing $15,000 were sold for $25,000 on account. Solution June 1 Account Value Account Value 8 Account Account Value Value Account Value 15 Account Value Account Value 25 Account Value Account Value 25 Account Value Value Account Account Value 25 Account Value Account Value 28 Account Value Account Value 30 Account Account Value Value Value Account Account Value