Granger Products recorded the following transactions for the just-completed month. The company had no beginning inventories:...

Transcribed Image Text:

Granger Products recorded the following transactions for the just-completed month. The company had no beginning inventories: a. $78,000 in raw materials was purchased for cash. b. $73,000 in raw materials was requisitioned for use in production. Of this amount, $67,000 was C. for direct materials and the remainder was for indirect materials. Total wages of $152,000 were incurred and paid. Of this amount, $134,000 was for direct labour and the remainder was for indirect labour. d. Additional manufacturing overhead costs of $126,000 were incurred and paid. e. Manufacturing overhead costs of $178,000 were applied to jobs using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed and shipped to customers. Required: 1. Record the above transactions in journal entries. II. Determine the cost of goods sold for the period Granger Products recorded the following transactions for the just-completed month. The company had no beginning inventories: a. $78,000 in raw materials was purchased for cash. b. $73,000 in raw materials was requisitioned for use in production. Of this amount, $67,000 was C. for direct materials and the remainder was for indirect materials. Total wages of $152,000 were incurred and paid. Of this amount, $134,000 was for direct labour and the remainder was for indirect labour. d. Additional manufacturing overhead costs of $126,000 were incurred and paid. e. Manufacturing overhead costs of $178,000 were applied to jobs using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed and shipped to customers. Required: 1. Record the above transactions in journal entries. II. Determine the cost of goods sold for the period