Question

Present the journal entry for (a) usage of direct and indirect materials. (Record debits first, then credits. Explanations are not required.) Journal Entry Accounts Debit Credit (a) Present the journal entry for (b) manufacturing labor incurred. Journal Entry Accounts Debit Credit (b)

Answer 1

Answer: S no. a) Account Tittle Work in progress Inventory Manufacturing Overhead Raw Material Inventory (To record Usage of Direct and Indrect materials) Debit $ $ Credit 50,000 2,000 $ 52,000 b) $ 49,000 Work in Process Cash (To record factory labor Incurred) $ 49,000 c) 74,000 Manufacturing Overhead ( 52000+11000+11000) $ Cash/ Account Payable Plant Depreciation (To record factory Overhead incurred) $ $ 63,000 11,000 d) $ 1,12,000 Work in progress Inventory ( 1200000/30000*2800) Manufacturing Overhead (To record manufacturing overhead allocated) $ 1,12,000 e) $ 1,30,000 Finished Goods Inventory Work in Process Inventory (To record cost of jobs Completed and transferred) $ 1,30,000 f) $ 2,25,000 Cost of Goods Sold Finished Goods Inventory (To record Cost of Goods Sold) $ 2,25,000