Reference no: EM132479589
Question 1: Prepare journal entries for given transactions
Raw materials $ 10,200
Work in process $ 4,400
Finished goods $ 8,800
During the year, the following transactions were completed:
- Raw materials purchased on account, $ 168,000.
- Raw materials used in production, $142,000 (materials costing $124,000 were charged directly to jobs; the remaining materials were indirect).
Costs for employee services were incurred as follows:
Direct labor $ 161,000
Indirect labor $ 288,500
Sales commissions $ 22,000
Administrative salaries $ 47,000
Point 1: Rent for the year was $18,100 ($13,600 of this amount related to factory operations, and the remainder related to selling and administrative activities).
Point 2: Utility costs incurred in the factory, $19,000.
Point 3: Advertising costs incurred, $15,000.
Point 4: Depreciation recorded on equipment, $25,000. ($17,000 of this amount related to equipment used in factory operations; the remaining $8,000 related to equipment used in selling and administrative activities.)
Point 5: Record the manufacturing overhead cost applied to jobs.
Point 6: Goods that had cost $225,000 to manufacture according to their job cost sheets were completed.
Point 7: Sales for the year (all paid in cash) totaled $504,000. The total cost to manufacture these goods according to their job cost sheets was $216,000.
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