First I used $10,000 in direct materials making my product. Then I used $20,000 in direct...
First I used $10,000 in direct materials making my product. Then I used $20,000 in direct labor. Last I used $5000 in manufactuing overhead. Then I sold my product. Put the journal entries in order.
Cost of goods sold 35000
Finished Goods Inventory 35000
Work in process Inventory 10000
Raw Materials 10000
Work in process Inventory 5000
Manufacturing overhead 5000
Finished Goods Inventory 35000
Work in Process Inventory 35000
Homework Answers
Answer
--Sequence of journal entries would be
| Accounts title | Debit | Credit |
| Work in process Inventory | $10,000 | |
| Raw material | $10,000 | |
| (direct aterial used) | ||
| Work in process Inventory | $20,000 | |
| Direct kabor cost | $20,000 | |
| (direct labor used) | ||
| Work in process Inventory | $5,000 | |
| Manufacturing Ovehread | $5,000 | |
| (overheads applied) | ||
| Finished Goods inventory | $35,000 | |
| Work in process inventory | $35,000 | |
| (work completed) | ||
| Cost of Goods Sold | $35,000 | |
| Finished Goods inventory | $35,000 | |
| (cost of goods sold) |
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