The following journal entries are recorded in Kiera Co.€™s process cost accounting system. Kiera produces handbags and scarves. Overhead is applied to production based on direct labor cost for the period. Prepare a brief explanation (including any overhead rates applied) for each journal entry a throughj.

Transcribed Image Text:

54,000 a. Raw Materials Inventory.. b. Goods in Process inventory. . . . 44,000 c. Factory Payroll...36,000 d. Goods In Process Inventory. e. Factory Overhead. f. Factory Overhead..3,000 Accounts Payable .. Raw Matertals Inventory.... Cash.... Factory Payroll.. Cash 54.000 44.000 36,000 28,000 28,000 +..- 10,500 10.500 3,000 Raw Materlals Inventory Factory Payroll .. Factory Overhead Goods in Process Inventory. Sales Finlshed Goods Inventory . 8,000 h. Goods In Process Inventory tory35,000 35.000 ..98,000 98,000 256,000 Cost of Goods Sold ..104,000 104.000