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Question - Record the journal entries

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Question - Record the journal entries

The following production information for October 31th was provided by the Ace Manufacturing Company.

Beginning Balance 10,000

Materials purchased on account - $150,000

Materials used for production - $120,000.

Labor used to manufacture the product - $250,000

Indirect labor - $12,000.

Depreciation on factory equipment - $38,000.

Other factory overhead costs incurred on account - $100,000.

Factory overhead applied $160,000.

Cost of goods completed and transferred $310,000.

The ending balance of the Finished Goods Inventory $50,000.

Reference no: EM132835243

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