Reference no: EM132502340
Allenton Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's inventory balances were as follows:? ? 115. 111
Raw materials $26,000
Work in process 47,000
Finished goods 133,000
The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 31,000 machine-hours and incur $248,000 in manufacturing overhead cost.
The following transactions were recorded for the year:
a) Raw materials were purchased, $411,000
b) Raw materials were requisitioned for use in production, $409,000 ($388,000 direct and $21,000 indirect).
c) The following employee costs were incurred: direct labour, $145,000; indirect labour, $61,000; and administrative salaries, $190,000.
d) Selling costs, $148,000.
e) Factory utility costs, $12,000.
f) Depreciation for the year was $121,000 of which $114,000 is related to factory operations and $7,000 is related to selling and administrative activities.
g) Manufacturing overhead was applied to jobs. The actual level of activity for the year was 29,000 machine-hours.
h) The cost of goods manufactured for the year was $783,000.
i) Sales for the year totalled $1,107,000 and the costs on the job cost sheets of the goods that were sold totalled $768,000.
j) The balance in the Manufacturing Overhead account was closed out to Cost of Goods Sold.
Required:
Question 1: Prepare the appropriate journal entry for each of the items above (a. through j.). You can assume that all transactions with employees, customers, and suppliers were conducted in cash.
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