Question

PLEASE HELP.....READ THIS INFORMATION VERY CAREFULLY...THIS IS ALL THE INFORMATION I NEED HELP WITH!

17. value: 5.00 points a. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor paid and assigned to Work in Process Inventory. d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory. f. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory. h. Cost of goods sold for Job 306. i. Revenue from the sale of Job 306. 1. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions.

Answer 1

Transaction General Journal a Raw Material Inventory Account Payable Debit Credit XXXX XXXX b Work in Progress inventory XXXX Raw Material Inventory XXXX Work in Progress inventory XXXX Cash XXX XXXX Factory Overhead Cash XX Le Work in Progress inventory XXXX Factory Overhead XXXX Factory Overhead Cash Raw Materials Inventory XXXX XXXX XXXX Finished goods Inventory Raw Materials Inventory XXXX XXXX XXX Cost of goods sold Finished goods Inventory XXX XXXX Cash Sales XXXX Cost of goods sold Factory Overhead (In case of under applied) XXXX XXXX XXXX Factory Overhead Cost of goods sold (In case of Over applied XXXX