Solution-Prepare the journal entries for the preceding

Prepare the journal entries for the preceding events

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Reference no: EM132567256

Kaycee, Inc., manufactures brown paper grocery bags. During the month of May, the following occurred:

a. Purchased materials on account for $23,175.

b. Requisitioned materials totaling $19,000 for use in production.

c. Incurred direct labor payroll for the month of $17,850, with an average wage of$8.50 per hour.

d. Incurred and paid actual overhead of $15,500.

e. Charged manufacturing overhead to production at the rate of $7 per direct labor hour.

f. Transferred completed units costing $36,085 to finished goods.

g. Sold bags costing $30,000 on account for $36,000.

Beginning balances as of May 1 were:

Materials $ 5,170

Work-in-Process Inventory 11,200

Finished Goods Inventory 2,630

Required:

Question 1. Prepare the journal entries for the preceding events.

Reference no: EM132567256

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Prepare the journal entries for the preceding events

Reference no: EM132567256

Reference no: EM132567256

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