Tarick Toys Company manufactures video game consoles and accounts for product costs using process costing. The following information is available regarding its June inventories.


The following additional information describes the company€™s production activities for June.


Required
1. Compute the cost of
(a) Products transferred from production to finished goods, and
(b) Goods sold.
2. Prepare journal entries dated June 30 to record the following production activities during June:
(a) Raw materials purchases,
(b) Direct materials usage,
(c) Indirect materials usage,
(d) Payroll costs,
(e) Direct labor costs,
(f) Indirect labor costs,
(g) Other overhead costs,
(h) Overhead applied,
(i) Goods transferred from production to finished goods, and
(j) Sale of finishedgoods.

Transcribed Image Text:

Factory payroll cost (pald in cash) Other overhead cost (Other Accounts credited) Materlals used 27,875 Direct Indirect. 90,000 31,500 Labor used Direct Indirect_.... 37,500 75% Overhead rate as a percent of dilrect labor