Question

Problems (1.1A) Record manufacturing costs. (Obj. 8). Miller Corporation manufactures industrial springs and coils that are sold to other companies for assembling into machinery. The fol- lowing costs were incurred during the month of August 2006. Raw materials purchased: $182,640 Raw materials used: direct materials, $120,290; indirect materials, $24,630 Factory wages earned: $92,740 Factory wages allocated: direct labor, $77,820; indirect labor, $14,920 Voucher recorded for manufacturing overhead costs incurred: $22,800 Depreciation on factory building: $30,490 Depreciation on factory equipment: $7,480 Manufacturing overhead costs applied to jobs worked on: $79,423 Finished goods transferred to warehouse: $281,460 Finished goods sold and shipped to customers: $198,150 (cost) Finished goods sold and billed to customers: $297,225 (selling price) Instructions Prepare the general journal entries dated August 31, 2006. Prepare a statement (1.2A)

Answer 1

Credit ($) Journal No. Date Account Titles and Explanation 31-Aug Depreciation expense-factory building Accumulated depreciation-factory building (To record the depreciation expense on factory building) Debit ($) 30,490 30,490 7,480 31-Aug Depreciation expense-factory equipment Accumulated depreciation-factory equipment (To record the depreciation expense on factory equipment) 7,480 79,423 31-Aug Work In Process Manufacturing overhead (To record the manufacturing overhead applied to jobs) 79,423 Rest of the transactions are done during august and not at the end of the month. The question ask journal entry dated Aug 31, 2006 Please give likes for the work. Thanks & Regards.