Reference no: EM132710127
Problem 1: Enter the following entries for the month of July 2021.
A. Cash sales of inventory: $800. The cost of inventory sold was $350.
B. Selling and Administrative expenses incurred and paid: $1,200.
C. Raw Materials purchased on account: $2,560.
D. Materials requisitioned and used in production: $980.
E. Direct Labor wages incurred during July: $2,875. Direct Labor wages actually paid in July were $2,000.
F. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of 60% of Direct Labor costs incurred during July.
G. The cost of product completed and moved to the Finished Goods Inventory: $4,675.
H. Sales on account: $2,000. The cost of the units sold was $975.
I. Actual Factory Overhead costs for the month of July totaled $2,600. (All paid in cash.)
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