Question
With info provided below, how do I determine -how the business performed in 2017? Should the company continue to have in-house press production? JOURNAL ENTRIES
With info provided below, how do I determine -how the business performed in 2017? Should the company continue to have in-house press production?
JOURNAL ENTRIES Dr. Cr. 1 Materials Inventory Control 800 Accounts Payable Control 800 To record purchase of direct mat. & supplies 2 Work-In-Process Inventory Control 710 Manufacturing Overhead Control 100 Materials Inventory Control 810 To record direct mat and supplies used 3 Work-In-Process Inventory Control 1300 Manufacturing Overhead Control 900 Wages Payable 2200 To record manufacturing labor 4 Manufacturing Overhead Control 400 Accumulated Depreciation-Building 400 and Manuf. Equipment To record depreciation of building and manf equip. 5 Manufacturing Overhead Control 550 Misc Accounts 550 To record misc factory overhead 6 Work-In-Process Inventory Control 2080 Applied Manuf Overhead 2080 To assign manuf overhead to WIP based on DML dollars 7 Finished Goods Inventory Control 4,120 Work-In-Process Inventory Control 4,120 To record cost of goods manuf 8 Accounts Receivable Control of Cash 8,000 Sales Revenues 8,000 To record sales revenue 9 Cost of Goods Sold 4,020 Finished Goods Inventory Control 4,020 To record cost of goods sold 10 Applied Manuf Overhead 2,080 Manufacturing Overhead Control 1,950 Cost of Goods Sold 130 To adjust the overapplication of manuf overhead
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