Reference no: EM132941618
Prepare summary journal entries to record the following transactions for a company in its first month of operations.
a. Raw materials purchased on account, $118,000.
b. Direct materials used in production, $46,500. Indirect materials used in production, $20,800.
c. Paid cash for factory payroll, $60,000. Of this total, $43,000 is for direct labor and $17,000 is for indirect labor.
d. Paid cash for other actual overhead costs, $9,375.
e. Applied overhead at the rate of 125% of direct labor cost.
f. Transferred cost of jobs completed to finished goods, $91,000.
g1. Jobs that had a cost of $91,000 were sold.
g2. Sold jobs on account for $130,000.
Problem 1: Record raw materials purchased on account .
Problem 2: Record the entry to assign costs of direct materials used.
Problem 3: Record the entry for indirect materials.
Problem 4: Record the usage of direct and indirect labor, paid in cash.
Problem 5: Record other actual overhead costs, paid in cash.
Problem 6: Record the entry to apply overhead at a rate of 125% of direct labor cost.
Problem 7: Record costs of jobs completed.
Problem 8: Record the cost of the jobs sold.
Problem 9: Record sales on account.
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