Nona manufacturing company uses a job order cost accounting

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Reference no: EM13574549

Nona 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 $22,000 on account.
	8	Raw materials requisitioned by production:
			Direct materials		$8,500
			Indirect materials		1,500
	15	Paid factory utilities, $2,400 and repairs for factory equipment, $7,500.
	25	Incurred $98,000 of factory labor.
	25	Time tickets indicated the following:
			Direct Labor	(6,000 hrs. @ $13 per hr.)		=	$78,000
			Indirect Labor	(2,500 hrs. @ $8 per hr.)		=	20,000
							$98,000
	25	Applied manufacturing overhead to production based on a predetermined overhead rate of $8 per direct labor hour worked
	28	Goods costing $20,000 were completed in the factory and were transferred to finished goods.
	30	Goods costing $16,000 were sold for $23,000 on account.

Reference no: EM13574549

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