Question

Exercise 15-6 Recording events in job order costing LO P1, P2, P3, P4 Prepare summary joumal entries to record the following transactions for a company in its first month of operations a. Raw materials purchased on account, $116 000 b. Direct materials used in production, $16.000. Indirect materials used in production, $20,600 c. Paid cash for factory payroll $55,000. Of this total $41,000 is for direct labor and $14 000 is for indirect labor d. Paid cash for other actual overhead costs, $9,250 e. Applied overhead at the rate of 120% of direct labor cost. 1. Transferred cost of jobs completed to finished goods. $85 600 9. Sold jobs on account for $123,000 9(2). The jobs had a cost of $85,600 911). View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 Record raw materials purchased on account Note Enter debits before credits Debit Credit < Pre 7 of 12 ! Next > wet and Windows

Answer 1

a	Raw materials inventory	116000
	Accounts payable		116000
b(1)	Work in process inventory	46000
	Raw materials inventory		46000
b(2)	Factory overhead	20600
	Raw materials inventory		20600
c	Work in process inventory	41000
	Factory overhead	14000
	Cash		55000
d	Factory overhead	9250
	Cash		9250
e	Work in process inventory	49200		=41000*120%
	Factory overhead		49200
f	Finished goods inventory	85600
	Work in process inventory		85600
g(1)	Cost of goods sold	85600
	Finished goods inventory		85600
g(2)	Accounts receivable	123000
	Sales		123000

Answer 2

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