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Prepare general journal entries to record August transaction

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Reference no: EM132508714

Problem - Quality Crafts Ltd uses a job costing system. The August cost data were as follows:

Raw materials purchased on credit $411,840

Direct labour costs 426,240

Raw materials issued to production 383,050

Actual manufacturing overhead costs 319,680

Cost of goods manufactured 1,097,300

Sales (all credit) 1,209,600

Machine hours for August were 64,800 hours, and the business applies overhead to production at a rate of $5.75 per machine hour. The beginning raw materials inventory was $46,080. The beginning work in process inventory was $77,760. The beginning and ending ?nished goods inventories were $115,200 and $149,750 respectively.

Required -

a) Prepare general journal entries to record the August transactions.

b) Was overhead overapplied or underapplied for the month of August?

c) Calculate the ending balances of raw materials and work in process. (Hint: Prepare T accounts for inventories.)

Reference no: EM132508714

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