Reference no: EM133076855
Question - Barbara Company uses a Job Order Costing System. During the month the following transactions were completed. Record the journal entries for each transaction.
Jan 1 Raw materials were purchased on account for $800,000.
Jan 3 $350,000 of raw materials was issued for production. 20% of these materials were used in the direct manufacture and the remainder was used indirectly.
Jan 4 Employee salaries were accrued as follows: direct labour $850,00, indirect labour $150,000, selling $300,000 and administrative $175,000.
Jan 7 $150,000 of advertising expense was paid in cash.
Jan 31 Utility costs factory incurred and accrued for $150,000.
Jan 31 Expired prepaid insurance for the month was $100,000 (60% was for factory the remain was administrative).
Jan 31 Depreciation of $400,000 was recorded (55% was attributed to factory the remaining was administrative).
Jan 31 Manufacturing overhead was applied to jobs at the rate of 90% of direct labour costs for the month.
Jan 31 Goods costing $500,000 according to their job costs sheets were transferred to the finished goods warehouse.
Jan 31 Sales for the month totalled $800,000 all were on account. The total cost to manufacture the goods was $750,000.
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