Reference no: EM132837766

Question - Record the journal entries.

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

1. Materials purchased on account $150,000.

2. Materials used for production $110,000.

3. Labor used to manufacture the product $200,000.

4. Indirect Labor $35,000.

5. Depreciation on factory equipment $29,000.

6. Other factory overhead costs incurred on account $92,000.

7. Factory overhead applied $142,000.

8. Cost of goods completed and transferred $285,000.

9. The ending balance of the finished goods inventory $70,000.