A firm produces its products by a continuous process

Reference no: EM13582890

A firm produces its products by a continuous process involoving two production departments, 1 and 2 Present entries to record the following selected transactions related to production during August.

a) Materials purchased on account $130,000

b) Material requisitioned for use in Department 1, $125,700, of which $124,200 entered directly into the product

c) Labor cost incurred in Department 1, $195,400, of which $174,000 was used directly in the manufacture of the product.

d) Factory overhead costs for Department 1 incurred on account, $52,700

e) Depeciation on machinery in Department 1, $29,200

f) Expiration of prepaid insurance chargeable to Department 1, $7000

g) Factory overhead applied to production, $105,300

Reference no: EM13582890

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