Reference no: EM133110592
Question - Toy Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Toy has the following transactions for the month of June.
Note: Toy uses this Chart of accounts: Cash, Raw Materials Inventory, Work In Process Inventory, Manufacturing Overhead, Factory Labor, Factory Wages Payable, Accounts Payable.
June 1 Purchased raw materials for $25,000 on account.
June 8 Raw materials requisitioned by production:
Direct materials $9,000
Indirect materials 1,000
June 15 Paid factory utilities, $2,000 and repairs for factory equipment, $8,000.
June 25 Incurred $108,000 of factory labor.
June 25 Time tickets indicated the following:
Direct Labor (7,000 hrs × $12 per hr) = $84,000
Indirect Labor (3,000 hrs × $8 per hr) = 24,000
$108,000
Required - Prepare journal entries to record the above transactions during the month of June.
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