Question

View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 ..... 13 Record the cost of indirect materials used. Note: Enter debits before credits. Transaction General Journal Debit Credit IT Record entry Clear entry View general Journal < Prev 3 4 5 or 6 6 Next >

Answer 1

		Debit	Credit
1	Raw materials inventory	500000
	Accounts Payable		500000
2	Work in Process inventory	452000
	Raw materials inventory		452000
3	Work in Process inventory	357000
	Cash		357000
4	Factory overhead	29000
	Cash		29000
5	Work in Process inventory	178500
	Factory overhead		178500
6	Factory overhead	56000
	Raw materials inventory		56000
7	Factory overhead	23000
	Cash		23000
8	Factory overhead	58000
	Accumulated depreciation- factory equipment		58000
9	Factory overhead	31000
	Cash		31000
10	Finished goods inventory	857500
	Work in Process inventory		857500
11	Cost of goods sold	344000
	Finished goods inventory		344000
12	Cash	675000
	Sales		675000
13	Cost of goods sold	18500
	Factory overhead		18500
Workings:
From March
Direct Materials	26000	40000		66000
Direct Labor	20000	19000		39000
Applied overhead	10000	9500		19500
Beginning goods in process	56000	68500	0	124500
For April
Direct Materials	132000	220000	100000	452000
Direct Labor	104000	150000	103000	357000
Applied overhead	52000	75000	51500	178500
Total costs added in April	288000	445000	254500	987500
Total costs (April 30)	344000	513500	254500	1112000
Status on April 30	Finished (sold)	Finished (unsold)	In process
April 30 cost included in:	Cost of goods sold	Finished goods inventory	Goods in process inventory
	Actual factory overhead:
	Indirect materials	56000
	Indirect labor	29000
	Factory rent	31000
	Factory utilities	23000
	Factory depreciation equipment	58000
	Actual factory overhead	197000
	Applied overhead	178500
	Underapplied overhead	18500