Garcia Manufacturing produces a product that passes through a molding process and then through an assembly process. Partial Information related to its manufacturing act ivies for July follow:

Direct Materials:Factory Overhead Applied:

Raw materials purchased on credit$400,000Molding (150% of direct labor)$63,000

Direct Materials used - Molding $190,000Assembly (200% of direct labor)$110,750

Direct Materials used - Assembly $88,600Total Factory Overhead applied$173,750

Direct Labor:Cost Transfers:

Direct Labor - Molding$42,000From Molding to Assembly$277,200

Direct Labor - Assembly$55,375From Assembly to finished goods$578,400

Factory Overhead (actual costs):From finished goods to COGS$506,100

Indirect Materials used$51,400

Indirect Labor used$50,625

Other overhead costs$71,725

Total factory overhead incurred $173,750

Prepare summary journal entries to record the transactions and events of July for:

a.Raw material purchases

b.Direct material usage

c.Indirect materials usage

d.Direct labor usage

e.Indirect labor useage

f.Other overhead costs (Credit: Accounts payable)

g.Application of overhead to the two departments

h.Transfer of partially completed goods from Molding to Assembly

i.Transfer of finished goods out of Assembly

j.The Cost of Goods Sold

Answer rating: 100% (QA)

a Raw material purchases Raw Materials Inventory 400000 Accounts Payable 400000 b Direct material us... View the full answer