Reference no: EM132453131

Problem - Bee Ltd. is a manufacturing company which uses normal job-order costing for its manufacturing processes. Some of the transactions and additional information for the period ending 30 June 2007 are as follows:

1. Raw materials used were $380,000.

2. Direct labour incurred were $360,000 (wage was paid at a rate of $15/hour). Wages are yet to be paid.

3. Manufacturing overhead was allocated at $20 per direct manufacturing labour hour.

4. Goods worth $940,000 were completed in 2007.

5. Goods worth $900,000 were sold.

Work-In-Process, 1 July 2006 = $20,000.

Finished goods, 1 July 2006 = $10,000.

Required - Write appropriate journal entries for each of the transactions above.