Question

RESOURCES Olvidoo) -02.00 07 (Video 0 (Video) CALCIATOR TRACK NEXT Exercise 15-07 (Video) Sheridan Corporation incurred the following transactions 1 Purchased raw materials on account 546,600 2 Raw Materials of $40,300 were requisitioned to the factory. An analys of the material to indicated that 57,000 was classified as indirect materials 3. Factory labor costs incurred were $60,300, of which 550,100 pertained to factory was payable and $10,200 pertined to employer payroll taxes payable Time tickets indicated that 555,700 was direct labor and $4,600 was direct labor 5 Manufacturing overhead costs incurred on account were $83.700 6 Depreciation on the company's office building was $8,500 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost B. Goods costing $89,900 were completed and transferred to finished goods 9 Finished goods costing $80,900 to manufacture were sold on account for $104,200 Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit its by Study (2) (3)

Answer 1

Sheridan Corporation Journal Enteries Trans. Particulars 1 Raw Materials Inventory Accounts Payable Debit in $ Credit in $ 46600 46600 2 Work in Process Inventory Manufacturing Overhead Raw Materials Inventory 33800 7000 40800 3 60300 Factory Labor Factory Wages Payable Employer Payroll Taxes Payable 50100 10200 4 55700 Work in Process Inventory Manufacturing Overhead Factory Labor 4600 60300 5 83700 Manufacturing Overhead Accounts Payable 83700 6 8500 Depreciation Expense Accumulated Depreciation-Building 8500 7 89120 Work in Process Inventory Manufacturing Overhead ($55,700 X 160%) 89120 8 89900 Finished Goods Inventory Work in Process Inventory 89900 9 104200 Accounts Receivable Sales Revenue 104200 80900 Cost of Goods Sold Finished Goods Inventory 80900