Recording Manufacturing Costs in Process Costing
Forrest Co. makes wooden tables.
Required:
Prepare the journal entries to record each of the following transactions:
(a) Purchased $20,000 of raw materials on credit.
(b) Issued $18,000 of direct materials into production.
(c) Applied $47,500 of conversion cost.
(d) Paid in full the raw materials purchased on credit.
(e) Completed tables costing $52,750.
(f) Recorded actual conversion costs of $42,000.
(g) Sold tables for $93,000 that cost $50,000 to produce.
(h) Disposed of any over- or underapplied conversion cost.
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