Question

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Ch 15 24 Exercise 15-6 Recording events in job order costing LO P1, P2, P3, P4 Prepare summary journal entries to record the following transactions for a company in its first month of operations 025 a. Raw materials purchased on account, $90,000 b. Direct materials used in production, $36.500 Indirect materials used in production, $19 200 c. Paid cash for factory payroll, 550,000 of this total, $38,000 is for direct labor and $12,000 is for indirect labor d. Pald cash for other actual overhead costs $11.475. e. Applied overhead at the rate of 125% of direct labor cost Transferred cost of jobs completed to finished goods. 556 800 g. Sold jobs on account for $82,000. The jobs had a cost of $56,800 Verw ram i st Journal entry worksheet Record the entry for indirect material Debit Crode. < Prey 24 of 45 Next > Type here to search

Answer 1

CR Particulars Raw materials inventory Accounts payable DR $90,000.00 $90,000.00 bj $36,500.00 Work in process inventory Raw materials inventory $36,500.00 b2 $19,200.00 Factory overhead Raw materials inventory $19,200.00 Work in process inventory $38,000.00 Factory overhead $ 12,000.00 Cash $50,000.00 $ 11,475.00 Factory overhead Cash $ 11,475.00 $47,500.00 Work in process inventory Factory overhead $ 47,500.00 =38000*125% $56,800.00 Finished goods inventory Work in process inventory $56,800.00 $56,800.00 Cost of goods sold Finished goods inventory $56,800.00 $82,000.00 Accounts receivable Sales $82,000.00