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What is the asnswer for this question please? Q. During the current month, John Company incurs the following manufacturing costs Raw material purchases of $81500
What is the asnswer for this question please?
Q. During the current month, John Company incurs the following manufacturing costs
- Raw material purchases of $81500 on account.
- Incurs factory labor of $22000. Of that amount, $15,000 relates to wages payable and $7,000 relates to payroll taxes payable.
- Factory utilities of $1,700 are payable, factory insurance of $1,800 has expired, and depreciation on the factory building is $2,500.
Instructions:
- Prepare journal entries for each type of manufacturing cost.
- Prepare T account as needs to compute cost of goods sold
- Prepare partial Income statement: for your information the sales details during the Feb. 2022 are as follows: 10000 units sold with a price of per unit $16.
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