Journal Entries NYI Corporation manufactures decorative window glass in two sequential departments. These data pertain to the month of August:
| Department 1 | Department 2 |
Direct materials used for production | $ 55,000 | $ 32,000 |
Direct labor | 160,000 | 320,000 |
Applied factory overhead | 340,000 | 250,000 |
Costs of goods completed and transferred | 850,000 | 740,000 |
Required Prepare journal entries to record these events:
1. Incurrence of direct materials and direct labor. Application of factory overhead in department 1.
2. Transfer of products from department 1 to department 2.
3. Incurrence of direct materials and direct labor. Application of factory overhead in department 2.
4. Transfer of complete products from department 2 to finished goods inventory.
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