Wildhorse Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1...

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Wildhorse Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $24,400 on account. 8 Raw materials requisitioned by production: Direct materials Indirect materials $9,760 1,220 Paid factory utilities, $2,562 and repairs for factory equipment, $9,760. 25 15 222 25 Incurred $108,000 of factory labor. Time tickets indicated the following: Direct Labor (7,000 hrs x $12 per hr) $84,000 Indirect Labor (3,000 hrs x $8 per hr) 24,000 $108,000 25 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. 28 Goods costing $18,060 were completed in the factory and were transferred to finished goods inventory. 30 Goods costing $15,060 were sold for $20,000 on account. Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. Li Date Account Titles and Explanation Debit Credit (To record factory labor costs) (To assign factory labor to jobs and overhead) Wildhorse Manufacturing Company uses a job order cost system and keeps perpetual inventory records. June 1 Purchased raw materials for $24,400 on account. 8 Raw materials requisitioned by production: Direct materials Indirect materials $9,760 1,220 Paid factory utilities, $2,562 and repairs for factory equipment, $9,760. 25 15 222 25 Incurred $108,000 of factory labor. Time tickets indicated the following: Direct Labor (7,000 hrs x $12 per hr) $84,000 Indirect Labor (3,000 hrs x $8 per hr) 24,000 $108,000 25 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. 28 Goods costing $18,060 were completed in the factory and were transferred to finished goods inventory. 30 Goods costing $15,060 were sold for $20,000 on account. Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. Li Date Account Titles and Explanation Debit Credit (To record factory labor costs) (To assign factory labor to jobs and overhead)

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