Question

Your answer is partially correct. Sheffield Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7 8. Purchased raw materials on account $53,800. Raw Materials of $36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,500 was classified as indirect materials. Factory labor costs incurred were $61,900. Time tickets indicated that $54,900 was direct labor and $7,000 was indirect labor. Manufacturing overhead costs incurred on account were $82,300. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $96,600 were completed and transferred to finished goods. Finished goods costing $79,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Factory Labor Raw Materials Inventory Manufacturing Overhead $ $ 1. Purchased raw materials 53,800 $ i 28,000 i i 2. Direct materials 8,500 2. Indirect materials i 8,500 61,900 i 3. Incurred factory labor 4. Direct labor 54,900 4. Indirect labor 7,000 7,000 i 5. Overhead costs incurred 82,300 i 87,840 6. Assigned overhead i 7. Completed goods 8. Goods sold

Answer 1

Manufacturing costs Raw Materials Factory Manufacturing Work in process Finished Goods Cost of goods Inventory Labor Overhead Inventory Inventory sold 1 Purchased Raw materials $53,800 2 Direct materials $28,000 $28,000 2 Indirect materials -$8,500 $8,500 3 incurred factory overhead $61,900 4 Direct labor -$54,900 $54,900 4 Indirect labor -$7,000 $7,000 5 Overhead cost incurred $82,300 6 Assigned overhead $87,840 $87,840 7 Completed goods -$96,600 $96,600 8 Goods sold $79,400 $79,400